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I have to refinance my ARM in one year(not for cash back but to lock in at a fixed rate) Should I wait until after I do that to get a loan(for home improvements and vehicle)? My mortgage guy says “no” That I could get the loan now and it would just get tied in with my new mort. But I was wanting to get a loan and have it paid off in 10 yrs. If I have to tie it into my mort. I will be paying it off for 30 yrs!! He said its the same either way. and said something about “sumantics”??? what would be my best bet? do it now or wait.

I did some calculating. If I use my credit card, I would have paid $3,970 in finance charges over the term of the loan. If I use the HELOC, I would have paid $6,930 in interest over the life of the loan. Based on my tax bracket, I would gain about 25% of the HELOC interest as deductions, thus the only interest that I would have paid with the HELOC is $5,198.
Everyone keeps telling me that the HELOC is the way to go, as it is tax deductible, but I can’t seem to justify the numbers. Any suggestions out there?

I asked a similar question earlier today and a couple people said it would be fraud.
Looking around the web it is suggested on several websites as an option for home buying , but I can’t post the links.
We own our house valued at 70k.
We have a small home improvement loan out now 15k.
We want to buy a 125k house so we need 25k down.
Our mortgage broker suggested a line of credit, we can buy the house we want.Move.Fix up the old house a little bit.
Sell it.Then pay off the HELOC.
What is fraudulant ? I want the HELOC specifically to buy another house.
My broker said it would be cheaper interest than a 80/20 or 100% financing or even a bridge loan.(I should mention that he is a friend of the family and not likely to steer me into something illegal knowingly.)
Any advice would be greatly appreciated.
Thank you in advance.

Most owners will tell you that the work is never done on a home if you're moving or if you already live there for forty years. Almost all homeowners who would like a list of improvements made at home, but will pay the lack of money for these improvements have often mean that the projects put on hold for a year.
This is a problem, especially when it comes to home improvements, such as replacing a new roof is needed for the repair or replacement of plumbing or electrical work area or simply a better window and door.
Here are some ways to increase you can borrow, or the money you pay for these improvements at home.
Home Equity Line of Credit – known as a HELOC is a "safe" loan from a bank or credit union, which means that you are using your house as collateral for the loan. If you bought your house for $ 100,000 five years ago, but now might sell for $ 150,000 then you have $ 50,000 in equity in your home. A bank that could be a Home Equity Line of Credit for $ 50,000. Then you can check for part or all of these funds and to repay the money over time with interest.
Home Equity Loans – Similar to a Home Equity Line of Credit, a home loan is usually for a specific amount of money and is given at once. Interest rates on home loans and home equity lines of credit are often different as a banker or loan officer can tell what is best for you.
Hardware Store Credit Cards – I know that you are opening another credit card is not always the best thing to do, but many major retail stores offer interest rates of zero percent and also discounts for the purchase of products for the home, if the credit card hardware. If you intend to use this method, you must plan the project in advance and have a pretty good idea of how it goes, you pay. The discount is often not only good for buying low interest rates before and always late.
Sell Old Home Improvement Materials – If you could sell your bathroom is almost certain to pay the old cabinets and perhaps the old record to help a little money for your new bathroom could have lead to the reconstruction. Remember that what may be new old for someone else. I have some neighbors who actually together. A neighbor pulled all their kitchen cabinets and then sold to another neighbor, who installs all in his garage. The seller has the money for what he had thrown out and the buyer has some great cabinets for your garage into a fraction of the cost, what new cabinets would cost.
Be smart, if the amounts paid and the DIY market. With a little 'creativity and the right knowledge can finance your plans for the house and repair your home without breaking the bank!