HELOC is not just another credit card !

来源: hhtt 于 2017-03-29 11:36:43 [] [博客] [旧帖] [给我悄悄话] 阅读数 : 0 (437 bytes)
回答: .. 由 lookuy 于 2017-03-29 10:18:42

HELOC is a floating rate second mortgage.  If you don't pay your mortgage, the banks will take your house.  The same can't be said about credit cards.  The problem here is overall his debt/income ratio based on his mortgage and HELOC even though the HELOC is not being used.   One thing that the borrower can do is to lower the HELOC amount without closing it.  It might help the ratio.  

所有跟帖： 

• 谢谢。 是我搞错了！ -lookuy- ♂ 给 lookuy 发送悄悄话 (0 bytes) () 03/29/2017 postreply 13:13:29

• How can I convince you? -hhtt- ♂ 给 hhtt 发送悄悄话 hhtt 的博客首页 (2290 bytes) () 03/29/2017 postreply 13:20:50

• .. -lookuy- ♂ 给 lookuy 发送悄悄话 (0 bytes) () 03/29/2017 postreply 13:33:05

• I think you are right. Bank officer says no impact, but the und -ynzy98- ♂ 给 ynzy98 发送悄悄话 (0 bytes) () 03/29/2017 postreply 16:07:07

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