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9th October 2007, 11:58 PM
| #21 (permalink) |
| Leasing VP Join Date: Jan 2005 Location: Ohio
Posts: 1,924
|  Re: Home Equity vs. SBA It is a shifting around of the clam shells, but yes, it can work. Basically - if you already HAVE the money you need - but didn't give yourself enough time to do what you should have in the first place, and that is have a good plan with enough time to get the money to fund it - then do it on your own, but come back later to get the loan. Assuming you get the loan. Otherwise, hopefully you didn't sink all your money in that you might have needed/wanted to use on something else. Bottom line -- make sure you know WHAT you are doing and HOW you will do it -- before you sign on for ANYthing! |
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| 10th October 2007, 01:04 AM | #22 (permalink) |
| Gone Join Date: Apr 2007 Posts: 1,148 | Re: Home Equity vs. SBA Keep in mind that once the HELOC is open any potential lender will consider it fully amortized when evaluating your creditworthiness. It is different than a traditional home equity loan because it is a LOC - line of credit. They realize you can max it out by simply writing a check and so they figure the full amount into your LTV ratio. |
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| 10th October 2007, 12:32 PM | #23 (permalink) |
| Hall of Famer  Join Date: Aug 2006 Location: Northern CA Posts: 3,082   | Re: Home Equity vs. SBA ^^^^^ yes and I did not know that when doing it. The other DRAW back to Line of Credit is that its usually got an adjustable interest rate, similar to credit cards. |
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