Line Of Credit
End of a credit line.(Financial): An article from: The Register-Guard (Eugene, OR) [H] [T] [M]
Unavailable (Digital) The Register Guard 2009-08-02
Release date: 2009-08-06
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Answers
This may sound like a dumb question, but these are my circumstances: I have a secure job, own my own home, have considerable savings and no debt. My lover of the past 25 years has credit card debt and she has just asked me if I would take out a line of credit for $30,000 so she can pay off her debts and only have to pay the amount owed on the line of credit. I trust her implicitly. Will taking out this line of credit hurt me in any way?
It hurts your credit to have that much credit in use; if you need to open new credit for something in that time, it will affect you. It may also affect any other credit cards you have, they may raise rates due to changes in your credit history like this, due to higher risk; though it sounds like you're the kind who tries not to carry balance on them, so this may not affect you anyway.
The biggest risk is putting that much money into someone else's hands. You do say you trust her implicitly, but, have you discussed how she ran up that much debt in the first place, and how she can afford to pay it back to you now? Unless it was some emergency circumstances like medical bills for a car accident or uninsured cancer, then that much debt tends to indicate a problem with finances that could easily affect her ability to repay you.
It also raises the risk to your relationship. It is very difficult to borrow or lend in a relationship, it changes things; you become banker and client, instead of just friend and friend, or, in your case, lovers. And, that much money at once is especially likely to put things on a somewhat different footing, unless you are used to lending her money frequently (in which case you're used to it). She becomes responsible to you in a very different way. Guilt or irritation can easily creep in if there's any problems in repayment. I do my darnest not to lend to or borrow from friends, exactly for this reason; even if someone asks to "borrow a quarter since they're low on change for a Coke", I consider it a gift, not a loan, since I don't want to get annoyed over it when they forget. Big stuff, I don't lend. I'd rather keep my friends than become their banker.
A good way to find a low home equity line of credit interest rate is by contacting a financial broker or by checking Bankrate.com. Discover how ...
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I'm trying to decide whether to take an open variable mortgage versus a credit line. Is there any difference? I live in Ontario, Canada
In Canada mortgage interest is not tax deductable, unless you're doing the smith maneuver.
Will a bank give you a line of credit to cover your mortgage or are you referring to a product like manulife one? The rates on the line of credit tend to be higher than on the variable rate mortgage.
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Where do you find an on line financial credit score & indept report online for Kansas, USA ?
You are entitled to one free credit report per year. The reputable agencies are Experian, TransUnion, or Equifax. Note: The credit report they give you does not contain your credit score. You have to pay like $7 to get your actual credit score.
For example, if I have a line of credit of $250,000, is there a way to reflect that such that my forecasts wouldn't show me running out of money?
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Home Equity Loans vs. Line of Credit
To access the equity in your home you could potentially use home equity loans or home equity lines of credit. Either option can get you the money that you need in a timely manner. You can avoid selling your house and still get your hands on the money that you require. While they both accomplish the same end goal, the way they go about it is different. Here are a few things that you need to know about home equity loans and home equity lines of credit. Home equity loans are a more fixed way to borrow the equity in your home. With a home equity loan, you are taking a loan for a certain amount of money on the front end. The bank will give you a certain amount that you can borrow up to. Then it is up to you to decide how much you want to borrow. They will give you all of the money upfront and you are free to use it how you see fit. Once you get the money, the repayment period will immediately begin. You will have to start making payments from the very first month of the loan. In most cases, the payment will be a fixed amount for the life of the loan. A typical loan term is 10 years, but you can find programs that are for different terms. With a home equity line of credit, you are still accessing your home equity funds but it is set up a little differently. With this type of loan, you are given a credit line at the beginning. The bank will set up a credit line with a specified limit for you to use. You may or may not have to take anything out at the beginning of the term. However, you will never have to use the entire amount all at once unless you want to. You will be given some way to spend the money when you need it. You may have a checkbook that is tied to the account or a debit card. If you need to spend some of the money, then you are free to do so. If you do not need the money, you can just leave the account as it is. Sometimes, people open a home equity line of credit and never end up using it. It can be there as a safety net for you if you want. You will have a draw period and a repayment period with a home equity line of credit. During the draw period, you can use all of the money up to the limit and it accrues interest. Once you hit the repayment period, you have to start paying back all of the money that you borrowed with interest. The interest rate on a home equity line of credit is typically a little higher than you can get from a fixed home equity loan.
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