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Author Topic: Home equity line of credit  (Read 1204 times)

chicklets123

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Home equity line of credit
« 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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Retire-Canada

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Re: Home equity line of credit
« Reply #1 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.
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chicklets123

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Re: Home equity line of credit
« Reply #2 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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Telecaster

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Re: Home equity line of credit
« Reply #3 on: March 04, 2020, 04:02:13 PM »
Check with a credit union.  You should be able to do better than that. 
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