My HELOC Experience here in Louisville, KY

[Rob Bergeron]

I’ve been meaning to tell everyone about this fantastic HELOC product I got for months, but I’ve forgotten to do the post. Better late than never! I’m sure some of you have received better terms, but I thought I had some noticeable perks with this one that were pretty phenomenal. For those who don’t know HELOC stands for Home Equity Line of Credit. If you have a fair amount of equity in your home you can borrow against it to leverage in purchasing other assets (no liabilities!!!!). I lived in a house hack and slowly renovated my home for two years to get a fair amount of equity. The product I found was just phenomenal. The HELOC I got is technically a credit card product with the bank. This means I get credit card rewards for all my HELOC purchases. Imagine taking $60,000 dollars from the HELOC to use as a downpayment on an airbnb (quicker ROI). Now, I have $60,000 dollars worth of credit card rewards points and I’ll be recasting this HELOC over and over. YOU NEVER HAVE TO PAY TO TRAVEL AGAIN! Another beneficial perk about this HELOC was the first six months my interest rate is only 1.7% after that is moves to 3.75% which I was happy with. I’ve also learned not every HELOC comes with a debit card, mine does. It makes things easier than having to pay with a checkbook all the time. The last and potentially biggest perk of the HELOC is that they can not call back my HELOC if the market tanks. Which means, I will be able to buy when the market is low. This perk lasts for the first ten years. I personally believe that knowledge is power and sharing helps bring everyone up. I’m not trying to sell anything, I don’t work for the company, and you don’t even have to mention my name.