Is a HELOC a floating rate based on when you actually use the funds?

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May 9, 2022
9:58:59pm

Heath Squashwell All-American

Are there any ongoing fees or requirements to use a minimum?

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Heath Squashwell

Previous username: Barrio Coug
Bio page: Heath Squashwell
Joined: Dec 31, 2015
Last login: Apr 29, 2024
Total posts: 11,576 (57 FO)

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Messages

Author

Time

So if you knew you were gonna get laid off, what kinds of prep would you do?

Heath Squashwell

5/9/22 9:28pm

Line up another job as priority #1.

BlooCoog

5/9/22 9:30pm

That’s a tight rope to walk. You leave your current job and you’re the newest hire at a new gig

molodyets

5/9/22 9:44pm

I’ve known several who turned lemons into lemonade here

cajuncoug

5/9/22 9:58pm

Start collecting dirt on my boss and on my boss’ boss.

CrimWalCoug

5/9/22 9:30pm

Sounds like this comes from experience 🧐

WP17

5/9/22 9:40pm

Op kinda changes lines at the wrong spot. Haha. Caught me off guard a little

TunaNoCrust

5/9/22 9:34pm

Me too. Haha.

Great38

5/9/22 10:00pm

Open a HELOC. Hopefully you won’t need to use it but it’s an emergency stash

D.T. Survivor

5/9/22 9:47pm

Yes, but also realize that the bank can close your HELOC at any time

cheezedawg

5/9/22 9:48pm

They will close them because of falling equity in your house not job loss.

johnnybyu

5/9/22 9:57pm

Is a HELOC a floating rate based on when you actually use the funds?

Heath Squashwell

5/9/22 9:58pm

You can start one with no fees. There are variable and fixed rates. On a fixed

D.T. Survivor

5/9/22 10:02pm

I think I’d have plenty of room to float but it’s good to know.

Heath Squashwell

5/9/22 10:03pm

3 things:

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