Smart Move to Take Out a HELOC Now?

[Jennipher Jess]

Hello, 

I live in the Dallas area and currently have the option to take out $150,000 - $374000 on our home in a type of HELOC at a fixed rate of 8.03% on an 18

-year term. Would it be wise to take out the min or the max (or any) right now at that rate? This money would be used for several down payments on properties. 

I am hearing to hold on moves

in the housing marketing right now (unless it's an amazing deal), which we can do, but fear when things get better for buyers I will lose equity in our home (less money to take out in the HELOC). Plus, I wanted to make sure we were ready when things start to shift. The plan is to take out the funds and put them in a high-yield savings account for now and then hold on to it until things shift.

NOTE - 

- We can pay $200 to change our rate if the prime rate lowers to lock that new rate in over the 18-year term. 

- We don't want to rent/sell our current home

- We don't want to get a refinance because we have a 2.125% interest rate on our primary 

Thank you!