Date: Sun, 30 Jul 2006 15:00:52 -0500
From: "John A. Weeks III" 
Newsgroups: misc.invest.financial-plan
Subject: Re: Opening HELOC now vs later
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In article <1154115333.865985.229570@i42g2000cwa.googlegroups.com>,
 dbutcherd@gmail.com wrote:

> Can someone explain what benefit I may get by opening a HELOC at the
> same time I purchase a new home and obtain a new mortgage?
> 
> My thought is that if I wait to open the account later, it will cost me
> the appraisal fee again, etc.   Also, if the home then appraises for
> more money, does that put me on the hook for higher taxes the next time
> property is assessed?

If you want to use a H/E loan as an emergency fund, you need to
open it long before you need it.  The reason is that you might
now qualify when you need it, so get it while you do qualify.

Appraisal and assessment have nothing in common.  Appraisal is
used for real estate deals.  Assessment is done by the government
for purposes of property tax.  The government does not know about
appraisals, so there is no connection.

-john-

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John A. Weeks III           952-432-2708            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com
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