Why a HELOC is the best way to get equity out of your home right now

[John Karg]

In the past, getting a cash-out refinance or a home equity loan was the traditional way of getting equity out of your home. However, since most homeowners don't want to give up their low rate with a cash-out and don't want to fix a high rate with a home equity loan, HELOCs are becoming more popular than ever. Here's why it's the best option to take cash out of a property right now:

- Available on Owner Occupied or Investment Property

- Won't affect your 1st mortgage

- LTV up to 90%

- DTI up to 50%

- Interest only for the first 10 years, and only pay when you have money drawn out

- Variable rate, so your rate will automatically adjust down if rates drop in the future

- Very low closing costs, often an appraisal is not needed

- Can borrow from and pay it back as many times as needed during draw period

- The cash you take out can be used for anything--renovations or a down payment on an investment property, consolidating credit card debt at a lower rate, buying a new car etc.

Feel free to call or email me anytime to calculate how much you could take out!