Quote:
Originally Posted by piemma
But can't you get a home equity line of credit at like 3% and pay off the student loan. As far as I know once you have the Line of Credit, you can use it for whatever you want. I have one and I have used it to by a tractor, a camper (which I flipped and a lot of other stuff).
No one at the bank ever asked me what I was doing with the money.
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Helocs are a thing of the past. And have been for a very long time. Lenders and investors pretty much gave up on them or made it impossible to get one. The banks kept doing them and still do along with a few lenders. You can get a heloc at a decent rate and pay off loans, buy hookers, snort drugs and anything else you want if you qualify. But the bank or lender in a second lien hold position is gonna want to see a solid credit score over 720, a CLTV no more than 65% and a documented DTI under 35%So at this point a small maybe 5% of homeowners qualify for one. And keep in mind that the bank or lender will absolutely close your line if home values drop. I'm soo glad I'm out of the business after 15 years.
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