Any downside to a HELOC?
In applying for a mortgage I'm wondering whether or not to also add a HELOC, as a "just in case" fund. If we ever need the money or do renos down the road it would be good to have.
That said there is nothing specific we need the money for now, and may never need it. But we thought we are in a better negotiating position I rates if we bundle it with out mortgage.
Is there any downside to getting the HELOC now if we may never need it? Should we just wait and apply for it later if/when we need it? Does it matter if out mortgage is a collateral mortgage or not? Does it matter what the amount is - We were told don't bother with $25k may as well up it to $100k.
Thanks
That said there is nothing specific we need the money for now, and may never need it. But we thought we are in a better negotiating position I rates if we bundle it with out mortgage.
Is there any downside to getting the HELOC now if we may never need it? Should we just wait and apply for it later if/when we need it? Does it matter if out mortgage is a collateral mortgage or not? Does it matter what the amount is - We were told don't bother with $25k may as well up it to $100k.
Thanks