How and when to refinance your HELOC
Your payments could go up drastically once the draw period ends. Here’s how to cope.
8 min read
Jun 16, 2025
Erik J. Martin
Contributor, Personal Finance
EXPERTISE
- Personal finance
- Mortgages
- Housing market
- Home improvement
- Credit cards
EDUCATION
- Bachelor of Arts, Loyola University Chicago
- Dale Carnegie Training
Erik J. Martin is a contributor to Bankrate covering personal finance, including mortgages, the housing market, home improvement and credit cards. Based in the Chicago area, he is host of the “Cineversary” podcast and blogs on Cineversegroup.com and Martinspiration.com.
In addition to Bankrate, Martin has contributed to AARP The Magazine, Tte Chicago Tribune, Reader’s Digest, The Costco Connection and USAA, among other outlets.
Erik J.'s latest articles
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What is a prepayment penalty?
This fee is meant to discourage you from settling your mortgage early.
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Pros and cons of a balance transfer
Balance transfers are useful tools in wiping out high APR debt with responsible use.
8 min read Jun 04, 2025 -
Is it safe to add a credit card to my digital wallet?
Digital wallets are growing in popularity, but is it safe to add your card info?
6 min read Jun 03, 2025 -
What is a co-op? A complete guide
When you buy a house or condo, you technically own property. Co-ops work differently.
6 min read May 29, 2025 -
Can you get a business credit card without a business?
Can you get a business credit card for a side gig without owning a business?
8 min read May 28, 2025 -
How to report revenue on a business card application
Business credit card application will ask about your revenue. What should you report?
5 min read May 20, 2025 -
How much flood insurance do mortgage lenders require?
If you need a mortgage for a home in a flood zone, your lender will likely require you to purchase flood insurance.
4 min read May 20, 2025