Question on HELOC
It seems from reading a lot of different RFD threads in the personal finance and this forum many people have HELOCs. It seems that's a very common thing to do.
Myself I always felt we didn't need it but lately I've been thinking it might be worthwhile to get one. A few reasons why:
- It's difficult to get any type of credit if you've had job loss, big emergency etc so might as well try when your well off
- We're thinking of purchasing a second property for rental purposes in the next few years and don't want to use our investments for the 20% down-payment so we've started to save but when we get to that 20% we'll probably need more the way prices keep increasing lol.
My spouse and I have both stable jobs, almost debt free other than our house and I'm done my car loan this summer, husband is in yr 3. We don't carry balances in our credit cards and have very good credit. We have to renew/renegotiate our mortgage in summer of 2018.
Would like to know your thoughts if getting a HELOC good be a good step for us. Also, should I wait until 2018 when we're negotiating a new mortgage or do it now, does it matter?
BTW. we're in year 8 of home ownership with a single 3 bedroom house.