I own my home free and clear. What loan is best for me?
I want to get a 10-15 yr $50,000 fixed rate loan to do home improvements. The current market value of my single family primary residence is $103,000. I was considering a home equity loan, but when I checked the interest rates with local banks it was 7+%. I spoke with someone about a cash- out refinance and the interest rate was lower, about 4%. The reason I thought about a home equity loan was because of the tax write-off. But with interest rates being so low right now, would it even be worth it? Thanks in advance for your help! by jal0109 from Maricopa, Arizona. Aug 25th 2011
Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions
Home equity loans and standard conventional mortgages with fixed terms earn interest in different ways. I would talk to a lender in your area and have them work up an amortization schedule both ways so you can decide the best option for you. Your lender may be able to offer you a fixed term for the money you need and couple it with a line of credit so you have to option to withdraw additional money later without having to incur additional closing cost.
Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 90 contributions
There is a perfect loan program just for your needs and requests. We as a direct lending national mortgage bank offer this loan program. As a Senior Mortgage Banker with many years of experience and the NMLS mortgages to originate these loans, I would be pleased to help you. I live in the metro Phoenix area and would be able to help you quickly, effectively, and efficiently. Please call me at your convenience 623-340-0934 or email me at korene@wjbradley.com or visit my website at www.klcsloanteam.comThank you!
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