Just because I have a few rental properties, everyone in my family thinks I know everything about finance, loans and real estate. I mean, nothing could be further from the truth. I am more of the Jack of all trades and the Master of none. So, when I see good clean information that could benefit people, I like to pass it along. Maybe Aunt Betty will read this instead of bugging me because rumor has it she wants a loan.
One of my favorite sites, Bankrate, lists 5 key questions that will help determine if you need a Home Equity Loan or a Home Equity Line of Credit (HELOC):
- Is it for a long-term purpose, or a short-term purpose?
- How big a monthly payment can I handle?
- Would a line of credit tempt me to use the money carelessly?
- Does a variable rate bother me?
To read the entire text, visit Bankrate.
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