Mortgage Loan Minute 60 seconds to informed home ownership
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What are the Pitfalls .... HELOC?
Yikes! My Basement is Leaking ....
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  Current interest rates:

  Prime Rate ...................  2.25
  3 year fixed ..................  3.35
  5 year fixed ..................  3.69
  7 year fixed ..................  4.35
  10 year fixed .................  5.20
  Variable rate .................  2.25
Tracy Irwin, AMP
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What are the Pitfalls with a Home Equity Line of Credit (HELOC)?
HELOCs have become a very popular alternative to the traditional mortgage and offer some unique features that may be an advantage or a disadvantage depending on your specific needs.

HELOCs allow you to continuously borrow to the available credit limit without requalifying.  It is very easy to keep your credit amount at the maximum, paying interest only on the principal balance.  Great for cash flow, not so great for debt repayment.
HELOCs are reported on your credit bureau.  For example, If you have a $100,000 HELOC, it will have a significant impact on your credit score and reduce your ability for further financing.
HELOCs are fully open.  Can be repaid in full at any time without penalty.  No pesky pre-payment penalties.
HELOC rates are not guaranteed for the term.  In addition to fluctuations with prime, if you had a prime only HELOC product, you may have found yourself with an increase during the sub-prime crisis to prime + 1% or greater.
HELOCs are not portable.  If you purchase a new home, you will have to discharge your existing HELOC and set up a new one.
As with any mortgage product, getting the right advice from a mortgage broker - specific to your needs will determine whether a HELOC is right for you!  Don't be afraid to ask!
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Yikes!  My Basement is Leaking ... Now What?

Yvonne Williams, Total Confidence - Renovations, Training, Tool Rentals
So right now if I wanted to, I could take a swim in my basement ....anyone else in this predicament? 

So you ask, how do I keep the basement dry?  Well, there are a few easy things you can do and other more challenging solutions.

First off, if your basement isn't finished, then you are better off than those who have finished basements.  Why?  Those with finished basements now have mould to deal with in addition to the water problems.
Read more - My Basement is Leaking ... Now What?

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Adding to his already amazing scorecard of wins and accomplishments,Tiger Woods is the first athlete to reach $1 billion in earnings....Wow!!
Tracy Irwin, AMP
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