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If you’re a homeowner, your home is likely your single largest investment. When you need an infusion of real cash, your home is one of the best ways to get it at the least cost. Now that interest rates are climbing, it may be time to take a look at what a Home Equity Line of Credit (HELOC) can mean to you when you really need money.
When is the best time to open a HELOC? The best time to open a HELOC is before you need it!
Once you’ve built up equity in your home, you can take out a line of credit. You aren’t required to use the funds while the loan is in existence. But it is so very comforting to know that your hard-earned home equity is right there waiting for you all ready to go if and when you really need it, with no hassle to get to it.
You can simply keep it available and renew it as needed at great low rates (even now they are around 3.00%). While there is no way to say what your exact interest rate will be on your home equity line of credit until your application is completed, your final interest rate is based on factors such as your credit history (FICO score) and ability to repay, the value of your home, and the line amount, to name a few.
Here are the best reasons to consider a HELOC:
- Borrow what you need, when you need it, though your bank
- A low cost borrowing option with no application fees or closing costs
- Choose interest-only payments or principal and interest payments during the 10-year borrowing period
- Easily access and manage your funds 24/7 through online and mobile banking
- Personalized advice from Home Equity Specialists who will guide you every step of the way
- Up to a 15-year repayment term
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This is one subject I never get tired of writing about. It’s the “how do I get a huge interest rate on my money” deal. I know you may think I am making this up, but I’m not. Even though I have written about this subject several times before, I am truly amazed that there are still multi-millions who don’t pay any attention or just don’t believe it. Do you think that I would tell you about making 8% plus on your money and take no risk just as a joke here? The time has never been better to do it and it is the silver lining right now in the inflation picture!
High Inflation Has One Good Result
Given the high inflation numbers reported this week with the Consumer Price Index rising 8.5% over the last 12 months, you might think that any interaction with the U.S. Treasury would not be a way to protect and grow your money right now. That thinking is waaaaaaaaaaay wrong. In fact, using the Treasury is as good as
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Right about now after seeing prices going nowhere but up, you more than likely have money on the brain. Even if you saw some kind of pay increase this year already, it is disappearing as you shop and I don’t mean just for those big expensive things. I’m talking food, clothing, and shelter along with every kind of energy you can name including the biggie, gasoline. So you are probably looking for ways to get cash.
The “dash for cash” I’m taking about isn’t a new idea. It’s always out there and is a driving force in your motivation to build wealth. But during times like these, it becomes more than motivation, more like an obsession. So, yeah, you always want more, but the big question is how can you get more money now in 2022?
Eat, Pray, Love, No...Wait
There are unlimited ways to actually get more money, but I am not including the “Bernie Madoff” way or the “Al Capone” methods here.
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Super Saving Tip of the Week:
April showers bring May discounts! That’s how the saying goes, right? Take a look at some of the best deals you may be able to score while shopping for your home in the month of May:
Refrigerators - New models will be on the way in so you’ll see deep discounts on older models of refrigerators in stores. Another great tip is to shop during the week if you can to make sure you get a sales rep’s full attention when business is usually slowest.
Mattresses and Box Springs - May tends to be when retailers need to make more room for newer models of mattresses. So May is a great time to score a deal as manufacturers leave retailers the room to slash prices.
Furniture - You’ll start to see some great deals on things like desks, shelving units, and padded chairs in May. These are also likely to continue into June, so if you don’t find the prices you’re looking for in May, just hold out a little longer.
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