Wednesday, October 11, 2006

Open a home-equity credit line

This isn't anything new if you've been in the business a while but it's emphasized to me when I recently had some emergency expenses:

Advise clients (home buyers) to open a home-equity line immediately when they close on a mortgage, especially if they put up a lot of cash. Equity lines are open-ended second liens that allow borrowers to tap into the equity of their homes. You may never need it but if you need money in a hurry, you'll have access to cash. One never knows when that job change or termination may come.

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