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Updated over 6 years ago on . Most recent reply

Ashton Sharp's profile image
Ashton Sharp's profile image
Ashton Sharp
  • Rental Property Investor
  • from Bakersfield, CA
  • Member since Jul 12, 2016
  • Posts 58
  • Votes 27
  • Experience 10 Yrs
  • Investments 1
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User Stats

58
Posts
27
Votes
Ashton Sharp's profile image
Ashton Sharp's profile image
Ashton Sharp
  • Rental Property Investor
  • from Bakersfield, CA
  • Member since Jul 12, 2016
  • Posts 58
  • Votes 27
  • Experience 10 Yrs
  • Investments 1
Connect
Ashton Sharp
  • Rental Property Investor
  • Bakersfield, CA
27
Votes |
58
Posts
Personal Finance

Does a HELOC required monthly payment apply without a balance?

Ashton Sharp
  • Rental Property Investor
  • Bakersfield, CA
Posted
Im considering getting a HELOC on my primary residence. I owe $116,000 and my home is worth about $185,000. Im looking at about 40k on a HELOC and im wondering if I have too pay the monthly even if I havent used the HELOC. Anyone have any experience with this?
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Matt Clark's profile image
Matt Clark's profile image
Matt Clark
  • from Roanoke, VA
  • Member since Apr 7, 2014
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203
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Matt Clark's profile image
Matt Clark's profile image
Matt Clark
  • from Roanoke, VA
  • Member since Apr 7, 2014
Connect
Matt Clark
  • Roanoke, VA
203
Votes |
404
Posts
Matt Clark
  • Roanoke, VA
Replied
@Ashton Sharp nope, the payment is calculated according to the balance of the line, so a $0.00 balance equals a $0.00 payment.
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