A Home Equity Line of Credit is something a lot of people consider at some point. However,a lot of people have only limited understanding of what one actually is and why you should get one.
What is a Home Equity Line of Credit?
A Home Equity Line of Credit, or HELOC, is designed to give you immediate access to cash, namely in the equity you have built up in your home. A HELOC does not give you a lump sum, but rather the ability to draw on the line of credit for a period of time (usually ten years) up to a specified limit. What you choose to draw is then repaid over a longer period, usually twenty years. Like mortgages, HELOCs can have variable or fixed interest rates. There is generally a cancellation fee if you choose to open the line of credit and then not use it. It should not be confused with a home equity loan, which does give a lump sum that is then paid off over a set amount of time.
home buying scams - things to watch out for when buying a home
If you are buying a home, then you're looking at making a huge purchase and a huge step in your life moving forward. So it is perhaps not surprising that home buyers are sometimes targeted by scammers. While some home buying scams are so obvious you wonder who falls for them, others have been known to catch even the otherwise savvy. These scams are especially dangerous if you are tired and stressed, as you are likely to be in the middle of the home buying process!
At Bellwether Community Credit Union, we want to keep you safe from any home buying scams, so we put together a list of common scams to look out for!
all about down payments
What is a Down Payment?
A down payment is a payment that you have to put down up front when purchasing an expensive good or service. A new house qualifies as an expensive good or service and therefore often requires a down payment up front to secure the good (the house) you are purchasing.
In some cases, these down payments are nonrefundable, even if the deal falls through. Moreover, the person making the purchase will have to get a loan (called a mortgage when purchasing a home) to cover the rest of the cost of the home at the time which they are purchasing it.
all about credit scores
Today's financial systems are driven by the credit score. Most people realize that having a good credit score is one of the most important tools they have in obtaining credit, and at a reasonable rate. But how much do you know about a credit score and its calculation? Do you know what a good credit score is to have? Let's take a look at this thing we call a credit score.
watch out for the latest phone scam
Those scammers are at it again. One of the latest scams affecting people today is the mobile phone port-out scam. This is where fraudsters impersonate mobile phone users to have their information transferred to a different carrier, thereby stealing their victims' phone numbers. Once the information has been transferred, the con artist will be able to receive all texts and calls meant for the original user, including those that can be used to access a member's online banking account. If only they could put their creativity to good use
This is obviously bad, and you definitely don't want to fall victim to these fraudsters. So what can you do to ensure some mustache twirling urchin of society doesn't steal your phone number and gain access to your most valuable and sensitive information? Luckily there are a few steps you can take to protect yourself: