Does a HELOC make sense for your Santa Clarita real estate. A HELOC (Home Equity Line of Credit) makes sense if you have equity in your home and need a bit of cash for a remodel, vacation, tuition payment, or other item, only if it adds up in your favor. A HELOC is a revolving line of credit that afford you the luxury of drawing on it as time and needs warrant. If you have equity in your Santa Clarita Property a HELOC can be a great loan.
Here are a few things to consider before going through with a HELOC:
Fees. If you are simply considering a HELOC but not certain that you will accept it of you are accepted keep in mind that you may be charge the fees associated with it. These fees can include the cost of an appraisal on your Santa Clarita home, an application fee, points, closing costs, and transactions fees.
Mortgage interest deduction. Typically up to $100,000 can be deducted for on a tax return.
What is the term length of the HELOC? If the HELOC is a three year term and you borrow the full amount you need to realize that the full amount will need to be repaid at the end of the three years.
These are a few basics connected to a HELOC, doing your homework is of the utmost importance before deciding on a real estate loan. Contact us today to learn more about a HELOC, as well as to have access to some knowledgeable Santa Clarita lenders. As experienced Santa Clarita Realtors we have a web of connections to help home owners, sellers and buyers in the Santa Clarita Valley.
Contact us at Remax Santa Clarita today to learn more about Santa Clarita real estate, as well as to have free access to the Santa Clarita MLS and all Santa Clarita properties that are currently listed for sale.