We are going to apply for a home equity loan so we can put a pool in.Should we apply with our current mortgage company or someone new. Does it matter?
Posts Tagged ‘Should’
Should You Use A Different Lending Company When Applying For A Home Equity Loan?
Friday, May 15th, 2009Should I Get An Home Equity Loan Or Should I Save My Money And Pay With Cash?
Tuesday, May 12th, 2009I own a house that will be paid off next year.
I want to do some remodeling in my house like a new kitchen, all new travertine floors, new doors and some other things.
The total of my remodeling will be about $45,000 including all the labor and materials.
My question is: Do I get a home equity loan for 7% to8% or do I save my extra cash and pay for the remodeling in full in about 2-3 years after I pay off my house?
If I get a home equity loan for about 5 years, I will pay nearly $10,000 in interest alone. That’s a lot of money!
Any ideas?
P.S. I have no debt except my house loan. No credit cards, no cars, no school loans, no nothing!I have a credit score of 780 and I don’t like to pay interest if I don’t have to!
