LEARN ME: HELOC/Home Equity Loan/Refi/Second Mortgage

EmersonHart13

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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,

John
 

willizm

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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.
 

radioguy6

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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.
 

Yaj Yak

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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!!!!"




k
 

EmersonHart13

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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
 

CMNTMXR57

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We just re-fi'd with Guaranteed Rate through [MENTION=4746]Flyn[/MENTION] friend around October.
 

SMRTSS1

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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.
 

Bub

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Just walk away from the house and mortgage and buy a newer house with a garage next year. /Thread
 

EmersonHart13

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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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