Cash Flow is King
We’ve all heard the mantra that cash is king. But when it comes to loans, if you had the cash, you wouldn’t need a loan. So, what does a bank consider “king” when making a decision on whether they should extend a loan or not? They usually rely on something called the “5 C’s” as the foundation for their underwriting approach. A quick search on Google can show you a list of these along with some helpful tips on how to address each section, but here is the list with a quick description of what each address: Character: What does…
Say “Hello” to HELOC.
A HELOC is a Home Equity Line Of Credit. Basically, that means it’s a line of credit secured by the equity you have in your home. With home prices going up, you may have more equity than you realize. Wanna Make Something Of It? You can use a HELOC in a variety of ways, from making home improvements to consolidating debt to covering medical expenses. HELOCs are flexible. They also allow you to draw on your line of credit on an as-needed basis. Points Of Interest Before you take out a HELOC, you should know that many HELOCs offer variable…