HELOC ,Home equity loan, or Nothing?

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I have to refinance my ARM in one year(not for cash back but to lock in at a fixed rate) Should I wait until after I do that to get a loan(for home improvements and vehicle)? My mortgage guy says "no" That I could get the loan now and it would just get tied in with my new mort. But I was wanting to get a loan and have it paid off in 10 yrs. If I have to tie it into my mort. I will be paying it off for 30 yrs!! He said its the same either way. and said something about "sumantics"??? what would be my best bet? do it now or wait.

HELOC ,Home equity loan, or Nothing?

Don't forget, a heloc is revolving and your payments typically go up.

The heloc where i work is 15 years and you cannot repay it for at least 10years, the last 5 being the repay period of the princip/interest.

Your mortgage guy also gets commission if you open a Heloc now.

Some helocs do not even qualify to refi or roll into a combo loan for the first 5 years or if its is allowed and you attempt it you will pay a 'termination fee' as well as several months interest.

Ask your mortgage guy which index they use and see if he will or someone else uses a lower one. We use LIBOR, which is around 8% but 11th District Cost of Funds is 4.392

, add your margin to that (depending on your credit) and it can vary greatly as you see.

HELOC ,Home equity loan, or Nothing?

I would look at getting the ARM refinanced now while rates are low if you can. As far as a Home Equity loan or HELOC goes the cheaper money would be to have it rolled into your new loan.

A Home Equity Loan or HELOC is slightly more expensive as a second on your house than a first deed of trust.

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HELOC ,Home equity loan, or Nothing?

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