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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: chicklets123 on March 03, 2020, 07:10:16 AM

Title: Home equity line of credit
Post by: chicklets123 on March 03, 2020, 07:10:16 AM

Is this good to have for emergencies? There is a fee of $150 and cost $375 if cancelled.



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Title: Re: Home equity line of credit
Post by: Retire-Canada on March 03, 2020, 07:17:52 AM

Quote from: chicklets123 on March 03, 2020, 07:10:16 AM

Is this good to have for emergencies? There is a fee of $150 and cost $375 if cancelled.

I use a $30K non-home equity LOC as my emergency fund. Costs me nothing unless I take money out.

Title: Re: Home equity line of credit
Post by: chicklets123 on March 04, 2020, 03:48:16 PM

I was going to apply for the heloc but then the penalty to cancel it later (like moving) is a turn off.


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Title: Re: Home equity line of credit
Post by: Telecaster on March 04, 2020, 04:02:13 PM

Check with a credit union.  You should be able to do better than that.