HELOC ,Home equity loan, or Nothing?

I have to refinance my ARM in one year(not for cash back but to lock in at a fixed rate) Should I wait until after I do that to get a loan(for home improvements and vehicle)? My mortgage guy says %26quot;no%26quot; That I could get the loan now and it would just get tied in with my new mort. But I was wanting to get a loan and have it paid off in 10 yrs. If I have to tie it into my mort. I will be paying it off for 30 yrs!! He said its the same either way. and said something about %26quot;sumantics%26quot;??? what would be my best bet? do it now or wait.

HELOC ,Home equity loan, or Nothing?

Don't forget, a heloc is revolving and your payments typically go up.

The heloc where i work is 15 years and you cannot repay it for at least 10years, the last 5 being the repay period of the princip/interest.

Your mortgage guy also gets commission if you open a Heloc now.

Some helocs do not even qualify to refi or roll into a combo loan for the first 5 years or if its is allowed and you attempt it you will pay a 'termination fee' as well as several months interest.

Ask your mortgage guy which index they use and see if he will or someone else uses a lower one. We use LIBOR, which is around 8% but 11th District Cost of Funds is 4.392

, add your margin to that (depending on your credit) and it can vary greatly as you see.

HELOC ,Home equity loan, or Nothing?

I would look at getting the ARM refinanced now while rates are low if you can. As far as a Home Equity loan or HELOC goes the cheaper money would be to have it rolled into your new loan.

A Home Equity Loan or HELOC is slightly more expensive as a second on your house than a first deed of trust.

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