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HELOC (home equity line of credit)
A Heloc is an adjustable loan based on the prime
interest rate. It is completely tax
deductible because you are only obligated to pay
interest. You may borrow up to 100% of your
home’s current market value. Heloc’s are
sometimes preferred over refinancing because you
are only responsible for the portion of the
credit line that you utilize.
Many homeowner’s open a Heloc when they are
remodeling a room in their house, buying new
furniture, sending their
kids to college or making an investment in other
property. The lower the current interest
rate is the more sense a Heloc makes. How
else can you obtain a cash loan that is tax
deductible? Where a refinance will
generally wrap loans together or become your
first loan, a Heloc is usually taken as a
second.
If a Heloc sounds like an option you’d like to
explore, call the experts at Parklor for a free
consultation. We look forward to hearing
from you. |
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