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If you have more than 20% equity in your home, open a HELOC. It’s like a super low interest credit card for up to 80% of your equity. Then never use it. There’
by brightball 6y ago
If you have more than 20% equity in your home, open a HELOC. It’s like a super low interest credit card for up to 80% of your equity.
Then never use it. There’s your emergency fund.
Critical thing is that you won’t get approved for one when you need it, so open it when you don’t.
- sgerenser 6y agoIf it’s only for an emergency, the interest rate doesn’t matter much. Many banks and credit unions offer 90% or even 100% LTV HELOCs at a rate a couple percent higher than the usual 80% LTV.