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home equity loan vs heloc
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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home equity loan vs heloc
for home improvements.
Home equity loan is one lump sum but fixed rate
heloc is pay for what you use rate is variable but it can be fixed if you take a certain amount out a once
What would you go with?
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Posted 7/16/07 1:42 PM  |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: home equity loan vs heloc
we went for the HELOC because we wanted to have access to some money from the house but didnt need it all upfront as in a loan.
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| Posted 7/16/07 1:47 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: home equity loan vs heloc
We just did a heloc-fixed rate to pay off cc debt and free up some money.
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| Posted 7/16/07 1:48 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: home equity loan vs heloc
For home improvements, I say take a HELOC. You might be able to get locked in at a low rate for the first year.
After all your improvements are done and you don't think you'll need anymore, you can take a fixed rate HE Loan to pay the HELOC off with.
Ususally with home improvements, one thing leads to another, and you end up needing more than you first thought. That's why it's good to have the line acessable.
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| Posted 7/16/07 3:43 PM |
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