Link to a forum : Home Equity Loan or Home Equity Line of Credit??

Tue, Apr 17, 07 (6 posts)
First post of this forum :

"We are doing some major renovations in our home. We just don't know whether to apply for a home equity loan or a HELOC. The interest rates are different (HELOC is prime+.5), home equity loan is fixed. Is it better to take out the home equity loan with fixed rate and start paying on whole amount? Or apply for the HELOC, make payments on what we use but pay the higher interest rate? Also, is there a home equity loan where you just pay the interest?

I might add that this loan is to pay for renovations to our new home. When we sell our old home, the loan will be paid off. Any help in deciding which is the best loan to apply for will be greatly appreciated. It is so confusing !!"

see this forum at : http://ths.gardenweb.com/forums/load/finance/msg041507205839.html?9

Link to a forum : Home equity line of credit or refinance

Mon, Feb 4, 08 (5 posts)
First post of this forum :

"We are going to be undergoing a major remodel costs of which will hover between $150-160. We are six years into a 15 year loan and have paid off all but $150. Which would be the best way to go given the way the economy is going?

We would like to pay off the loan within 5-6 years if all goes well with my husband's company. Usually he gets an end of the year bonus (last year it was his entire's year salary) but the forecast is grim for the next little while. Any advise would be appreciated."

see this forum at : http://ths.gardenweb.com/forums/load/finance/msg0220520825427.html?4

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