Home Equity loan, Line of credit or other alternate sources?

[Cadcom]

Looking at doing a few improvements to mi casa. I am familiar with home equity loans and comfortable with those. What are the advantages (if any) to a Line of Credit or an alternate source of financing? (Quicken, lending tree, etc) Looking for $12 - 15,000.00.

Does anyone have experience with all of these?

 

[fast306stang]

Looking at doing a few improvements to mi casa. I am familiar with home equity loans and comfortable with those. What are the advantages (if any) to a Line of Credit or an alternate source of financing? (Quicken, lending tree, etc) Looking for $12 - 15,000.00.

Does anyone have experience with all of these?

Assuming you have equity in your house, a 2nd mortgage will probably have the lowest interest rate. Some of these options may depend on how fast you want to pay the loan back off...

 

[Cadcom]

Assuming you have equity in your house, a 2nd mortgage will probably have the lowest interest rate. Some of these options may depend on how fast you want to pay the loan back off...

I do. That's the direction I am leaning.

 

[fast306stang]

I do. That's the direction I am leaning.

Although I hated the sound of getting a 2nd mortgage, that's the direction we went with. The other options I could find had higher interest rates (which wouldn't be as big a deal on a small loan). My other option was to draw off my (basically) 401K and I definitely didn't want to do that.

I still get offers from Best Egg, etc lol...

 

[WallsGa]

Looking at doing a few improvements to mi casa. I am familiar with home equity loans and comfortable with those. What are the advantages (if any) to a Line of Credit or an alternate source of financing? (Quicken, lending tree, etc) Looking for $12 - 15,000.00.

Does anyone have experience with all of these?

We used a loan from Lightstream for home improvements. I think its a division of Suntrust. Quick and easy, great rate. Financed it for about 4 years. I’d use them again.

 

[josewise]

Sometimes a loan is a very good way to double and even triple your deposit. But you have to be a very good account manager. You can get in trouble if you take to many loans, you simply won't have a chance to pay them all in time. But the loan is a very good chance to open the business. For example, my father opened his first business just with the help of credit. But he had an economical education. I can suggest you this credit company https://foxycredit.com/se/monetti-lan

 

[Gimmeguns]

Family savings cu in Cartersville offered a home equity line for under 5% and no closing $.
Also look at prosper. I got a personal loan for 5.5%.

 

[Allsmiles]

Bigger issue to look at is how they have to be repaid. Fixed loan and you will know your payments. HELOC normally want 1.5% of outstanding balance every month and then interest is added to balance until it is paid off.

 

[Cadcom]

I just said screw it And have been doing improvements over time. Two bathrooms done and starting on the kitchen next week. Pray for me.

 

[Chatsworth]

I think it really comes down to fee$..
The difference in interest rates 1-2% up or down doesn't make a whole lot of difference on a short term loan but the banks or lenders who want application fees and closing expenses and appraisals and inspections etc and etc... it all $tarts to add up on a short term equity loan..