Posted by colvegas on January 31, 2006 at 24:15:50:
Connie,
I would check with your bank you already do busines with first to negotiate a good rate for your HELOC or loan. As to which one to do it depends on your use of the monies. A heloc is a revolving line of credit that adjusts I believe to the prime rate so you need to watch that to lock in. Heloc is better for smaller amounts that you pay so you are floating monies then you pay back and once your account is credited the monies are back to use again if needed…
The loan would be a 2nd lien on your property and that would most likely be a fixed rate depending on our credit and house value.
You in most cases begin repaying the loan 30 days after you close on the 1st of the next month…