MLO#130505 Lic# MB 78982
Steps to buying a home
5 Mortgage Details
Your FICO score
What our clients think?
New Loan Quote
My New Blog
7 Tips for Home Equity Lines of Credit (HELOC)
December 7th, 2016 9:50 AM by Sam Kader
Housing prices have recovered since the 2008 housing crisis and the rise in home values seem to also be encouraging borrowing - Home Equity Lines of Credit (HELOCs). A HELOC is a convenient way homeowners can use their home's equity to renovate their home, make a large purchase or fund other needs. Here are seven tips for HELOCs:
Take advantage of low rates on HELOCs - responsibly.
Low interest rates along with moderate inflation is one of the factors that often leads to strong growth rates in borrowing. The different now is borrowers have to get approved for a HELOCs. In other words, borrowing rates haven;t gotten out of control like they did during the last housing bubble.
Make sure you can afford to pay back your HELOC.
Home prices and values are increasing across the nation. In fact, many cities are seeing home prices skyrocket to levels not seen since the housing bubble. Incomes are rising as well. Plan ahead and make sure that you can pay back your HELOC when the time comes.
Figure out what you are going to do after HELOC resets
. When HELOC resets, its draw period - which is the period of time you can borrower on your line of credit and pay interest only is ending and start paying fully amortized payment. Using home equity is a smart way but requires careful planning.
Review the HELOC contracts.
It contains useful information such as the reset period above. Your lender will send you reminders before your draw period ends and to discuss your options.
Know what impact your HELOC's draw period expiration will have on your monthly payments.
This requires for you to work closely with the lender and plan your budget accordingly.
Consider getting a fixed-rate HELOC.
Rates are based on prime rates which are subject to changes in the federal funds rates. A change in the Fed rate means HELOC rates are affected as well. So, a rate hike would mean increased monthly payments for HELOC borrowers.
Protect your home's value by using HELOC for home renovations.
Home renovations will ensure that it will increase your home's value and thus your home's equity as well. Guidance from your lender can help you in refinancing it when it resets.
HELOC, Underwriting Guidelines,
Posted by Sam Kader on December 7th, 2016 9:50 AM
Post a Comment
Subscribe to this blog
14 ways to raise your credit score
Home buying do's and don't
Do's and Don't on Purchase and Sale Agreement
What is escrow ?
Seattle Freeze is on
It's a summer time. Prevent your home from burglaries
Home-price dip this year - will it affect my next year property-tax bill?
7 secrets to successful Pre-Approval
Seller concession Limits
2023 Loan Limits
Escrow or impound account.
Temporary rate buydown
Tips on identity theft
New rules on condos
Appraisal and Comparative Market Analysis (CMA)
Equifax data breach - what you should know.
Things we need along the way
Will rates go back down to 2020/2021 level again?
FHA Underwriting Updates
Medical debt and credit scores
De-Mystifying Adjustable-Rate Mortgages (ARMs)
Buying a home or refinancing - DO NOT wait
5 Habits of 800 FICO scorers
FHA Condo Approval
WA launches new way to report illegal robocalls
New 2022 Loan Limits
E-signing with Provident Funding
Mortgage brokers are the best
Closing on time
Revised Self-employment rules
Second Homes and High Balance Loans
Property Insurance premium is going up.
What to do when a tree falls down
2022 Holiday Schedule
5 ways to win bidding wars
ARMs in 2014
Myths about VA Loans
E-signing with NMSI
Buying investment property and second home
New Conventional Loan Programs
E-Signing with WestGen
RefiNow from FannieMae
Buying again after Short Sale, Foreclosure and Bankcruptcy.
Buying after a short sale
Appealing assessment on Property Taxes
2021 Loan Limits
Credit scores still matter even if borrowing is over
Opening an account with Ticor Title and escrow
How to protect ourselves from wire fraud.
Confession of a Mortgage Broker
E-signing with Sprout Mortgage
E-signing with United Wholesale Mortgage
Benefits of becoming a homeowner
Rate and discount point
To Lock or Not to Lock?
Loan lock process
E-signing with Plaza Home Mortgage
Should I pay off my mortgage early?
A potential deal killer - Debt-To-Income (DTI) Ratio?
Buying or Refinancing
Refinancing your loan?
Self Employed 101
Conventional 30 Year Fixed rate from 2.5% to 3.0% on new borrower purchases and refinances
8 tips for borrowers in COVID-19 era
Paying your mortgage when money is tight
First-time Home buyers mistakes you can learn from
Underwriting FNMA guidelines change due to COVID-19
Mortgage Rates - Fed determined to boost market liquidity
Heads up you've been tagged
Gift funds for down payment
Mortgage rates in 2020
7 Ways to build credit fast
2020 Loan Limits
Rates drop and what it means for you
FICO Score and Credit Utilization
Private Mortgage Insurance
Why are FICO scores different for 3 credit bureaus?
Questions to ask your lenders.
Can I still deduct mortgage interest in 2018?
Four ways to remove Private Mortgage Insurance (PMI)
How long should I keep my house?
2019 New Loan Limits
21 items to get your house ready for Fall
Mortgage Rates are climbing. Last chance to lock in a lower rate.
How to request FREE credit freezes
9 moving expenses to consider
Appraisal Credit for you
Mortgages for Home Renovations.
First Time Homebuyers
Homebuying mistakes of all ages
Cash-Out Refinance and Home Equity Line of Credit (HELOC)
Where does underwriting stand today in 2018?
Can I still deduct mortgage interest?
Road map to buy a house
Road map to best rates.
Resources for Down payment
Should I refinance?
2018 New Conforming Loan Limits
Should I pay points?
12 steps to prevent wire fraud
4 tips in buying investment properties
Loan Limits in Washington State
4 ways we help expedite your closing.
Inventory hits record low
Down payment from 401(K) plan.
Things to do inside and around the house in Spring
How to buy a home when you haven't sold yours yet.
7 Misconceptions about Reverge Mortgage
4 reasons why you should lock your rate
4 items that can kill your deal.
Not so great news from FHA
7 Tips for Home Equity Lines of Credit (HELOC)
Appraiser shortage or a broken system?
Building up credit profile
Co-signing a loan
Lease-To-Own and Land Contracts
Fannie Mae HomeStyle Renovation Program
First-Time Home Buyers
Are you qualified to buy another property?
Bidding wars and what you can do about Seattle sizzling real estate!
Greece financial mess - How it came about?
FHA reduced annual mortgage insurance premium
Rent Vs. Buy
3% Down Payment
Reverse mortgages 2015
Condo bargains in Seattle, WA
Affordable home prices in Seattle
New FICO Score 9.0
New Rules for borrowers with previous short sales
Seattle hiking guide
July Fourth Festivities
Average Rents in Seattle
Mortgage Forgiveness Debt Relief Act
Homes in Seattle for under $400,000
FHA and Prepaid Interest Charges
Homes at South Lake Union and close to Amazon's Office
Homeowners Equity on the rise.
Up to 3.5% towards closing costs
Qualified Mortgage (QM) and Ability to Re-pay (ATR)
Chrystal ball for 2014 Mortgage Rate and Housing Outlook
$35,000 for home upgrades and renovations
FHA back to work program
Uncle Sam is back in business
Thank you Ben
Good news for short-sellers
Local Real Estate market chugging along
7 must have apps
Conventional Vs. FHA Financing
Renting versus Buying?
FHA loans anyone?
Why you shouldn't be sitting on the fence
New Mortgage Disclsoure
New FHA Streamline Refinance 2012
FHA increases mortgage fees
HARP 2 extended through 2015
Deed-in-lieu-of-foreclosure Vs. Short-sale Vs. Foreclose
Forbearance for Unemployed homeowners
House Buying Tips
Buying or refinancing. But wait, there's more
Tips of protecting online privacy.
Have you received form 1099-C from your lender yet?
Proposal for Fannie and Freddie
New credit disclosure starting in January 2011
How to increase your home value
Are you qualified for a refinancing?
What? Rates are dropping again?
Tax Benefits from Rental Property
Changes to FHA Policies
Home Affordable Refinance Program
Home Buyers Tax Credit only through 4/30/2010
Fed Holds Steady on Rates
King and Pierce County Sales Data
Are you Ready To Buy Yet?
Plan your ARM Resets
Don't Miss the Train
July 31 2009 - HEPA
Tips in facing Foreclosure
Tips for Successful Short Sale
Becoming a landlord
The Homeowner Affordability and Stability Plan (HASP) - Signed on 2/18/09. Revised 6/09
Amended Housing Tax Credit of $8,000
What to do about Refinancing?
Foreclosure Rescue Scam
Budgeting 101 and Credit Card Debt
New Jumbo Conforming Loan Limit
Recession Proof Jobs
Bank of America/ Countrywide - Settlement with Attorney General
How it all began
Deals on FORECLOSURES
Rates are lower again?
Housing Tax Credit - $7,500 and Hope For Homeowners
Mortgage New Rules Post Subprime Era
Lenders Default and Mortgage Brokers uncertainty post subprime market
Mortgage Lates, Foreclosure and Short-Sale
HUD proposed mortgage overhaul
How to handle debt collectors
HUD releases new Loan Limits
Identity Theft and Credit Freeze
Fed funds rate, homeowner tax breaks, Seattle mortgage break and short sales
Mortgage Freeze at 888-995-HOPE
Tips for selling a house in a tight market
Mortgage rates are not correlated with Fed Funds
Fed offers mortgage bailout
Seattle home prices defy logic
January 2023 (4)
November 2022 (7)
October 2022 (3)
September 2022 (1)
August 2022 (1)
July 2022 (1)
June 2022 (2)
May 2022 (1)
April 2022 (1)
March 2022 (3)
February 2022 (5)
January 2022 (4)
December 2021 (1)
November 2021 (1)
September 2021 (1)
August 2021 (3)
July 2021 (1)
June 2021 (3)
May 2021 (4)
April 2021 (2)
March 2021 (8)
February 2021 (4)
January 2021 (1)
December 2020 (1)
September 2020 (3)
May 2020 (2)
April 2020 (2)
March 2020 (3)
February 2020 (2)
January 2020 (1)
December 2019 (1)
November 2019 (1)
September 2019 (1)
August 2019 (1)
July 2019 (2)
June 2019 (1)
February 2019 (1)
January 2019 (1)
December 2018 (2)
November 2018 (1)
October 2018 (1)
September 2018 (2)
August 2018 (4)
July 2018 (2)
June 2018 (2)
April 2018 (1)
February 2018 (2)
January 2018 (1)
December 2017 (2)
October 2017 (1)
August 2017 (2)
July 2017 (2)
June 2017 (1)
May 2017 (1)
April 2017 (1)
March 2017 (1)
February 2017 (1)
January 2017 (3)
December 2016 (1)
November 2016 (1)
July 2016 (1)
June 2016 (2)
May 2016 (1)
April 2016 (1)
March 2016 (2)
December 2015 (1)
November 2015 (1)
July 2015 (2)
June 2015 (1)
January 2015 (3)
November 2014 (1)
October 2014 (2)
August 2014 (2)
July 2014 (2)
June 2014 (2)
April 2014 (2)
March 2014 (3)
February 2014 (2)
January 2014 (2)
December 2013 (1)
November 2013 (1)
October 2013 (1)
September 2013 (2)
July 2013 (1)
March 2013 (1)
February 2013 (4)
July 2012 (1)
March 2012 (3)
February 2012 (2)
January 2012 (1)
October 2011 (1)
September 2011 (1)
August 2011 (1)
March 2011 (1)
February 2011 (2)
December 2010 (2)
September 2010 (1)
August 2010 (1)
June 2010 (2)
May 2010 (2)
March 2010 (1)
February 2010 (3)
January 2010 (2)
December 2009 (1)
November 2009 (1)
August 2009 (1)
July 2009 (1)
April 2009 (2)
March 2009 (2)
January 2009 (4)
December 2008 (3)
November 2008 (1)
October 2008 (3)
September 2008 (1)
August 2008 (1)
July 2008 (1)
June 2008 (1)
May 2008 (1)
March 2008 (3)
February 2008 (2)
January 2008 (1)
December 2007 (1)
September 2007 (2)
August 2007 (2)
July 2007 (4)
100% financing, first time home buyers, affordable (2)
100% financing, first time home buyers, Gift relat (1)
100% financing, Low Down Payment, Down payment (2)
Activities in Washington, Entertainment (2)
Adjustable Rate Reset, Adjustable Rate Mortgage (3)
affordable homes in Seattle, Bidding wars, first t (4)
Appraisal, first time home buyers, HomePossible, (1)
Appraisal, Underwriting Guidelines, (2)
bankcruptcy, Deed-In-Lieu, Foreclosure, Short sale (2)
Bidding wars (1)
Bidding wars, Homes Inventory (1)
Cash-Out Refinance, HELOC, Taxes, Underwriting Gui (1)
closing on time (1)
ConstructionLoan, FHA Rehab 203(k), ContractorsCon (1)
COVID-19, Forbearance (2)
Credit Repair, Credit Score, FICO Score (3)
Credit Repair, Credit Score, FICO Score, (1)
Credit Score, Credit Pull (1)
Credit Score, Credit Repair, FICO Score,budget (5)
Credit Score, Credit Repair, first time home buyer (1)
Credit Score, FICO (3)
E-sign, Loan process (5)
E-sign, Loan process, Lock rate, first time home b (1)
Entertainment, Activities in Washington (1)
Escrow, Impound account, Underwriting Guidelines, (1)
Fed Funds, mortgage rates (2)
Fed Funds, mortgage rates, Mortgage brokers are th (1)
FHA Rehab 203(k), Contractors, Conventional Rehab. (2)
FHA Rehab 203(k)ContractorsConventional Rehab. (1)
fha reverse mortgages, FHA underwriting guidelines (1)
FHA Underwriting, Underwriting Guidelines (4)
FHA Underwriting, Underwriting Guidelines, (4)
FICO Score, Credit Score, (1)
first time home buyers (2)
first time home buyers, (4)
first time home buyers, Appraisal, (1)
first time home buyers, closing costs, (1)
first time home buyers, Home buying Do's and Don't (1)
first time home buyers, Market Update, (1)
first time home buyers, Underwriting Guidelines, (1)
Gift funds (2)
HELOC, Taxes, Underwriting Guidelines, (1)
HELOC, Underwriting Guidelines, (1)
Holiday schedule (1)
Home Afforable and Stability Plan (1)
Home Affordable Refinancing Act, HARP,Refinance (4)
Home buying Do's and Don't, first time home buyers (1)
Home Maintenance (1)
Home Maintenance, (1)
Home Title, Title Insurance (1)
Home Value, Refinance, Remodel (2)
Home Warranty, (1)
HomeReady, HomePossible, first time home buyers, (2)
Identity Theft (3)
Investment Property (1)
Investment Property, Landlord, rent-vs-buy, Rental (3)
Landlord, Investment Property (2)
Lease-To-Own, Land Contracts (1)
Loan limits (3)
Loan Limits, Underwriting Guidelines (2)
Loan Limits, Underwriting Guidelines, (2)
Loan Limits, Underwriting Guidelines, first time h (1)
Loan process (1)
Low Down Payment (1)
mortgage rates, (1)
mortgage rates, first time home buyers, (1)
mortgage rates, Mortgage brokers are the best, (2)
Mortgage Rules (3)
Mortgage Rules, Refinance, Home buying Do's and Do (1)
Moving Day (1)
Moving Day, first time home buyers, (1)
Multitple offers, Bidding wars (1)
New Programs (1)
Points, closing costs, (3)
Pre-Approval,Loan process, Lock rate (1)
Private Mortgage Insurance, Mortgage Insurance (4)
Property inspection, first time home buyers, (2)
property inspection, Pre-Approval, Millennials, ap (1)
Property Insurance (2)
Property Taxes (1)
Property Taxes, first time home buyers, (1)
Purchase and Sale Agreement, PSA (1)
Refinance, Cash-OutRefinance, (1)
rent-vs-buy,Pre-Approval, Millennials, first time (1)
Self-Employed borrower, qualification income (1)
Self-Employed borrower, Underwriting Guidelines, (1)
Self-help websites (1)
seller concessions (1)
Short sale (3)
tax benefits, (1)
temporary rate buydown (1)
Underwriting Guidelines (3)
Underwriting Guidelines, (1)
Underwriting Guidelines, FHA Underwriting, (1)
Underwriting Guidelines, first time home buyers, (1)
Underwriting Guidelines, Lock rate (1)
VA loans (2)
Wire fraud (1)
Wire Fraud, Escrow, (2)
My Favorite Blogs:
Sites That Link to This Blog:
Add a new blog comment
Characters from the image above:
Your entry does not match the image, please try again.
Subscribe To My Blog
Characters from the image above:
Your entry does not match the image, please try again.
FREE Rate Quote in seconds.
Online quote questionares.
Purchase or Refinancing:
Property Type: SFR/Condo/4Plex/Duplex:
Primary Home/2nd Home/Vacation Home/Investment:
Credit Score (720,680,620,580):
Term - 30 Year, 15 Year, ARM:
How do you hear about us? :