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Old 01-18-2019, 10:54 AM   #1
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Question LEARN ME: HELOC/Home Equity Loan/Refi/Second Mortgage

Come spring I want to build a bigger garage and we are going to use our equity to pay for it. I have plenty available I just want to know if anyone has any experience and what route did you take?

Thanks,

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Old 01-18-2019, 10:55 AM   #2
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Old 01-18-2019, 11:21 AM   #3
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Looking to refinance this year too...tagging along
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Old 01-18-2019, 11:36 AM   #4
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Call Penfed and let them know what you are looking for in a HELOC. They will ask about the house, how much you owe and then give you appx 80-90% credit on the equity you have. The only downside is that the rate fluctuates with the current prime interest rate so right now it's not the best time to have a heloc, but its way better than credit rates.
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Old 01-18-2019, 11:37 AM   #5
 
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sub'd. I used guaranteed rate to refi a few years ago. No closing costs. See what your current lender can do for you then shop around to compare. I'm personally debating a HELOC for a kitchen remodel but I also have 0% card offers that are tempting. Last time i checked apr for HELOC was around 5-6% fixed.
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Old 01-18-2019, 11:39 AM   #6
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the threads of this type on garage journal are my favorite...

"you can't afford it until you can pay in cash !1!!!!11!!!!"




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Old 01-18-2019, 11:39 AM   #7
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sub'd. I used guaranteed rate to refi a few years ago. No closing costs. See what your current lender can do for you then shop around to compare. I'm personally debating a HELOC for a kitchen remodel but I also have 0% card offers that are tempting. Last time i checked apr for HELOC was around 5-6% fixed.
It is still about the same. I don't know that I wan to refi, but if the deal is right I will. Im sitting at 2.76 percent
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Old 01-18-2019, 11:53 AM   #8
 
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It is still about the same. I don't know that I wan to refi, but if the deal is right I will. Im sitting at 2.76 percent
that's a really good rate
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Old 01-18-2019, 12:14 PM   #9
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We just re-fi'd with Guaranteed Rate through @Flyn friend around October.
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Old 01-18-2019, 12:20 PM   #10
 
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Just refi’d thru Discover a few months ago. They made it really easy, cut me a deal on closing costs, sent the notary to me for signing and even set up auto pay for me.
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Old 01-18-2019, 12:48 PM   #11
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Just walk away from the house and mortgage and buy a newer house with a garage next year. /Thread
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Old 01-18-2019, 12:51 PM   #12
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So I should have said REFI with cash out, but I think due to my rate that would not be wise.

I think a second mortgage/HELOC/Home Equity Loan make the most sense.


We keep looking at houses, but we don't want to sell because everything else of interest is way more money and not exactly what we want.
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