First time homebuyer right here. Purchased final yr with a 3% fee. I wish to do a HELOC for residence renovation and debt consolidation.
My query is: How a lot fairness do I would like for it to be price it to do a HELOC? I don’t plan on staying within the residence long run, possibly about 5 years or much less. Would doing a HELOC nonetheless be a good suggestion?
-Additionally, since I bought with a low fee. Will getting a HELOC at a better fee than 3% be a nasty factor? I don’t see the charges going underneath 3% any time quickly.
-Would altering to an ARM mortgage be a good suggestion if the charges are round 10% after I refinance?
