{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/69c148bb1a160b44db9c8fcc/6a026c6192e9663a6fb5059e?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Is a HELOC Worth the Risk?","description":"<p>1019. If you have enough home equity and not enough cash, you may wonder about taking a home equity line of credit (HELOC). Laura answers a listener’s question about whether taking a larger HELOC to pay for an expensive car repair and an upcoming wedding is a good or “horrible” idea.&nbsp;</p><p><strong>Key Takeaways:</strong></p><ul><li>Most lenders require you to maintain at least 20% home equity after tapping it with a HELOC.</li><li>HELOC borrowers must also have enough income, a suitable debt-to-income ratio, and sufficient credit scores to qualify.</li><li>Getting a HELOC gives you more flexibility and lower interest rates than other financing options, such as a credit card.</li><li>If you use HELOC funds to buy, build, or remodel a home, interest paid on a limited amount of debt is tax-deductible.</li><li>Primary HELOC downsides include paying variable interest, reducing your home equity, and risking foreclosure if you’re unable to repay it.</li></ul><p><strong>Upcoming Wedding Series Coming Up:</strong> We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: money@quickanddirtytips.com or leave a voicemail: (302) 364-0308.&nbsp;</p><p><br></p><p>Discover more from Money Girl!</p><p><a href=\"https://www.facebook.com/MoneyGirlQDT\" rel=\"noopener noreferrer\" target=\"_blank\">Facebook</a></p><p><a href=\"https://www.quickanddirtytips.com/money-girl-newsletterhttps://www.quickanddirtytips.com/newsletters\" rel=\"noopener noreferrer\" target=\"_blank\">Newsletter</a></p><p>Transcripts available at <a href=\"https://www.quickanddirtytips.com/transcripts/money-girl/\" rel=\"noopener noreferrer\" target=\"_blank\">QuickandDirtyTips.com</a>.</p><p>Email: <a href=\"mailto:Laura@LauraDAdams.com\" rel=\"noopener noreferrer\" target=\"_blank\">Laura@LauraDAdams.com</a> or leave a voicemail: (302) 364-0308.</p><p><br></p><p><br></p>","author_name":"QuickAndDirtyTips.com"}