I recently became a homeowner. I was also recently told that my job would be relocating in about 1.75 years to North Carolina. I do not plan on moving. I have savings and investments, and I hope I will not need to tap into them after the current job relocates. A friend of mine mentioned that I should look into a home equity line of credit. He said I would be more likely eligible while gainfully employed.
I did a refinance with cash out with Pen Fed. I did that because I am buying out my siblings interests in the family home. It's kind of like a mortgage for me. So I looked on Pen Fed's website to find out about HELOCS. They seem to have a traditional HELOC and a 5/5. I am not sure of the difference and which would be better for me. I think it may have something to do with interest rate movement. I am not sure if either or both have annual fees.
I want the HELOC for insurance, I don't intend on using the money, but I think it would be good to have access to it. Which product would be better for me? Thanks for your advice.
I did a refinance with cash out with Pen Fed. I did that because I am buying out my siblings interests in the family home. It's kind of like a mortgage for me. So I looked on Pen Fed's website to find out about HELOCS. They seem to have a traditional HELOC and a 5/5. I am not sure of the difference and which would be better for me. I think it may have something to do with interest rate movement. I am not sure if either or both have annual fees.
I want the HELOC for insurance, I don't intend on using the money, but I think it would be good to have access to it. Which product would be better for me? Thanks for your advice.