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what type of loan would you take out?
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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what type of loan would you take out?
DH and i purchased our house in November. We wanted to take out a loan to pay for home improvements what type of loan would that be?
We are thinking of taking one out in order to bump out the house 5 feet where we have a covered breezeway now (concrete foundation, full roof over just extending closing it off to add to our living space) siding the house and new windows. Figure to wait another year to do this so we can pay off all credit cards. Our house appraised 75K more then what we had purchased it originally. Plus we did lots of renovating now. We couldn't take out more on our mortgage when closing originally because of DH"s credit which is now much better.
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Posted 6/29/10 9:58 AM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
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Re: what type of loan would you take out?
HEL might be better since you will lock in a low rate
HELOC will fluctuate - so if you are going to take a few years to pay off, the interest really will onnly go up. But having a LOC can be good in emergencies (layoffs, etc)
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| Posted 6/29/10 10:23 AM |
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MrsKS
Thank You St. Gerard.....
Member since 12/09 8306 total posts
Name:
Kerri
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Re: what type of loan would you take out?
Posted by Erica
HEL might be better since you will lock in a low rate
HELOC will fluctuate - so if you are going to take a few years to pay off, the interest really will onnly go up. But having a LOC can be good in emergencies (layoffs, etc)
ITA!
I think you should chose between the home equity loan and the home equity line of credit. do you need one lump sum now... or do you want to keep borrowing money at your convenience and then paying it back as you borrow it?
You could also do a personal loan and list the reason as home improvements... but i dont think you will get the best interest rates. I think you have enough to be able to get better rates with a Home Equity type of loan.
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| Posted 6/29/10 11:40 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: what type of loan would you take out?
Just talked to our mortgage guy we can not take home equity loans we would have to refinance since we have FHA, but he said it might not be so bad since dh has better credit now and the rate is lower then when we closed. I am just not sure i am into that though.
Message edited 6/29/2010 3:34:07 PM.
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| Posted 6/29/10 12:04 PM |
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