Toggle navigation
Toggle navigation
Home
DCUM Forums
Nanny Forums
Events
About DCUM
Advertising
Search
Recent Topics
Hottest Topics
FAQs and Guidelines
Privacy Policy
Your current identity is: Anonymous
Login
Preview
Subject:
Forum Index
»
Home Improvement, Design, and Decorating
Reply to "how do you pay for house projects (big ones)?"
Subject:
Emoticons
More smilies
Text Color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Violet
White
Black
Font:
Very Small
Small
Normal
Big
Giant
Close Marks
[quote=Anonymous][quote=Anonymous]Not OP but can someone explain to me (like a child) how a HELOC works? Let's say we bought a house last year for $800k and want to do $100k of work. Now what?[/quote] I think you can shop around, but we just went to our mortgage lender and asked what they could do for us. They waived the appraisal and the associated fees, but that's where the process starts. They need to make sure there is sufficient equity in the house such that you qualify for a HELOC and how big the line will be. Once you move forward, you sign a bunch of documents just like you did when you got a mortgage. You get a checkbook where you can draw from the line, but you can also do it via online transfers. Then you pay interest on the balance that you have drawn from the line, or you can pay it back. If you sell the house, you'll obviously have to pay the balance back at closing. [/quote]
Options
Disable HTML in this message
Disable BB Code in this message
Disable smilies in this message
Review message
Search
Recent Topics
Hottest Topics
