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View Full Version : Home Equity requirements?

investinAK
02-25-2005, 07:34 PM
I just heard someone talking about home equity loans, and they said that you are required to pay off "every bill you have, and every bill you have co-signed on." I have never heard of this "rule" before and I am curious-Is this true?
Dan Auito
02-26-2005, 12:15 AM
That's crazy Ryan, as long as your debt to income ratios will support the loan, the money is often very easy to obtain.
Aldo
02-26-2005, 04:24 AM
I don't know who you are talking to but, whoever it is, needs to be shot at sunrise. That's one of the most ridiculous things I've heard in a long time. The U.S. Gov't isn't the only entity running a deficit while continuing to borrow money. My company is doing the same thing (probably on a smaller scale). Need more cash flow? Just raise rents or taxes, depending on who you are.
investinAK
02-26-2005, 06:28 AM
I think I heard it on TV this morning, so I wanted to check and make sure it wasn't correct. I figured it wasn't-my stepdad has a HELOC and truth be told, his debt would surpass his available $100K a few times over! Thanks guys!
Dan Auito
02-26-2005, 06:59 AM
I think I heard it on TV this morning, so I wanted to check and make sure it wasn't correct. I figured it wasn't-my stepdad has a HELOC and truth be told, his debt would surpass his available $100K a few times over! Thanks guys!They say if you have a certain amount of mortgage debt today, you can almost guarantee you'll have twice that amount of wealth once they are paid off.
OPM)borrowed) +OPMP (other people making payment)= LOMP (lots of personal money) I guess I'm tired, disregard my last! :smiley7:
kimesha
03-03-2005, 08:10 PM
this morning i called quick loans to try & gather a further understanding of the heloc. i asked him, " if i take out a heloc today but do not use any of the money for say.... 2 months, i will not have a payment due for 30 days after the first draw? the interest on that payment will be based on how much i drew?" he said you start to make payment sooner than that. you start to pay on the interest. i thuoght a heloc worked like a credit card. you don't pay until you use & you only pay based on how much you use? i will continue to research details of this but would appreciate some clarification :icon_roll
investinAK
03-03-2005, 10:11 PM
Hey Kimesha, check out this thread...
http://www.magicbullets.com/forum/showthread.php?t=541

Hope it helps! Good luck!