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Reply to "Any reason to have a HELOC?"
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[quote=Anonymous]a friend of mine advised me to do it to make moving easier. we bought our first home with only like 3% downpayment. waited to get the HELOC until we desperately needed it - not enough cash on hand for some major repairs. we save fairly sensibly, but still don't have 100k in liquid savings towards a downpayment on a new house. at least one idea is that we can use the HELOC towards full 20% downpayment on a new home, allowing us to close on the new house without a contingency for selling the old house, and to avoid paying mortgage insurance or higher interest rates associated with lower downpayment. it still leaves us in a bit of a bind if the old house doesn't sell quickly, but we could end up a lot better off. my parents used theirs to fund a major investment opportunity. i think it wasn't quite the get rich quick scheme they had hoped, but they made a modest profit off it.[/quote]
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