HELOCs and Debt Consolidation
 Use
HELOCs for debt consolidation when you are not consolidating all of your
debt.
It is also great in situations in which you
expect to require cash advances for emergency expenses, home improvements, and
similar issues. Some HELOCs are available with fixed interest rates, but these
are harder to come across than the variable rate loans.
Typically, HELOCs will allow you to use all of
the equity in your home (100% CLTV); however, this may require a minimum credit
score of 660 to 680. The 125% loans you may have seen advertised are usually
closed-end, fixed-rate second mortgages that are only available to borrowers
with large incomes and outstanding credit.
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Home Equity Line Of Credit
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