Like so many people I had gotten my self into trouble with my credit cards but a Countrywide HELOC really put me on the fast track to recovery and saved me a bunch of money, to boot! A HELOC is a home equity line of credit loan. It provided me with a line of cash I used to pay off all of my credit cards as well as my auto loans. Without this Countrywide HELOC, I’m not sure what I would have done.
What is a Countrywide HELOC
This home equity line of credit is different from other home loans. A HELOC has an initial draw period that allows me to withdraw funds as I need them. The draw period is usually about ten years, so this type of loan is also perfect for things like extended home improvement projects and college tuition for the kids. Now, during this draw period I only have to pay the interest on the funds I have actually withdrawn. When the repayment period rolls around, I’ve got a variable interest rate that will stay low as long as the prime rate stays low.
Countrywide HELOC advantages
I could have chosen a second mortgage for my needs but I felt like there were too many advantages to a HELOC to pass it up. A second mortgage would have paid me in one lump sum and I would have had to start the payments on the full amount of the loan immediately. I felt like I was really much more in control of my money with the HELOC. I was able to withdraw as I needed and the interest only payments during the extended draw period were especially helpful to my situation. In my mind, the advantages to my Countrywide HELOC made my choice for a loan very clear.