Hey, wanna know a crazy way to get money without selling your house? Quicken Loans has this thing called a HELOC. It’s short for Home Equity Line of Credit, and the rates are pretty dope! Let’s break it down super chill, like I’m spilling the tea to my bestie.
What’s a HELOC Anyway? ( Home Equity Line Of Credit )
so a HELOC is like a credit card, but it’s hooked up to your house. If you’ve paid off part of your mortgage, that’s your equity.
You can borrow against it! You don’t get all the cash at once it’s a line you can dip into whenever. And get this: you only pay interest on what you take. Sweet deal, huh?
Why Bother with a HELOC?
It’s perfect for big stuff like fixing your room or paying school fees. The rates beat credit cards, so you keep more cash in your pocket.
Plus, you can grab a little or a lot whenever you want. It’s chill and flexible!
How Do the Rates Roll?
Here’s the scoop: HELOC rates aren’t stuck in one spot. They move with the economy, tied to something called the prime rate.
So, they might start low but could climb later. Your payment might jump a bit, but Quicken Loans might hook you up with a fixed-rate option. Ask them about it!
Getting a HELOC from Quicken Loans
Signing up is no biggie. Hit up Quicken Loans online, toss in some details—like your house value and how much you make.
They’ll check your credit too. You need like a 680 score to roll with it, but a higher one snags you a better rate. Once you’re in, the money’s yours to grab!
My Buddy Mia’s Story
So, my friend Mia wanted a new gaming setup but was broke. She heard about HELOCs and hit up Quicken Loans.
Approved in no time! She borrowed just enough for a killer PC and monitor. Now she’s paying it back, and the rate’s way lower than her credit card. Her setup’s fire now!
New Info: How Much Can You Borrow?
here’s something cool Quicken Loans usually lets you borrow up to 85% of your home’s value, minus what you owe.
So, if your house is worth $200,000 and you owe $100,000, you could snag up to $70,000. That’s a chunk of change for whatever you’re dreaming up!
Why Pick Quicken Loans?
They’re chill to work with—apply online, and they’ve got your back with help. They do HELOCs and regular loans, so you choose. Just don’t mess up payments, ‘cause your house is on the line. Stay smart!
So, if you’ve got a house and need cash, Quicken Loans’ HELOC might be your vibe. Check the rates, know your limit, and you’re golden. Catch ya later!
FAQ:
What’s a HELOC?
It’s a credit line you borrow from your home’s value. Super handy!
How Do I Get One?
You need equity, a solid credit score (680+), and steady cash coming in.
What Are the Rates Like?
They change, but they’re lower than credit cards. Hit Quicken Loans for the latest.
Can I Spend It on Anything?
Yup! Fix your place, pay debts, or even snag a new skateboard.
HELOC vs. Home Equity Loan?
HELOC’s flexible, but rates move. Home equity loans lock in the rate.