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03-12-2015 10:16 PM
03-12-2015 10:30 PM
I have a line of credit. I took it out right at the start of the economic crisis, around 2009.
I wanted to have the access to the equity in my house should I lose my job (before I lost my job when I still qualified for the line of credit). Luckily I did not. Over the years, the credit union has lowered and raised the amount of the line based on economic factors.
I like having the peace of mind knowing it's there should I need a new roof or HVAC system or something super expensive. I will have the option of using savings or using the line of credit depending upon what's going on at the time.
03-12-2015 10:35 PM
03-12-2015 10:40 PM
03-12-2015 10:47 PM
03-12-2015 10:52 PM
03-12-2015 11:28 PM
Depends on what you need to use it for?
As a 2nd mortgage the interest is deductible but the line of credit can vary as the market changes.
It is a lien against your primary residence. Never had one myself, nothing against them I just didn't feel comfortable.
You may qualify for some other financing options with better terms.
03-13-2015 06:52 AM
My line of credit has a zero balance and I was able to refinance the home without having to get rid of the line of credit. I think it's $20k now (they keep raising it as the value of the home goes up as the city keeps raising the value so they don't have to increase the tax rate ;o)
03-13-2015 07:00 AM
03-16-2015 09:38 PM
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