March 7th, 2022 9:44 AM by Shawn Smith NMLS#863501
We may not be comparing real apples and oranges, but we’re coming pretty close in the home financing industry. And if you’re at all interested in using your home’s equity to access cash, then this comparison is for you.
As we discussed in our last email, there are two common ways to get cash from your home—a Home Equity Line of Credit (HELOC) or a cash-out refinance.
In the current environment, many people want to keep the great interest rate they already have on their home loan, so they automatically choose a HELOC over a refinance. But wait—there’s a big difference that can make the benefits hard to compare at a glance. HELOCs have adjustable interest rates, whereas most home loans are fixed.
Take a look.
Jason, this is the last communication in my series about HELOCs. Thank you for allowing me to send you information these last several weeks. I hope you’ve found it valuable.
If you’re interested in exploring your options more or you have questions about home financing, please reach out. I’ll be happy to help.
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