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what the best interest rate I can get for a home equity loan

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Subject: what the best interest rate I can get for a home equity loan

Wed Feb 20, 2008 6:55 pm

ok lets assume I have perfect credit own, my home out right, every thing is perfect. What is a good interest rate on a home equity or personal loan?
I have a credit card with a realy low (6.9) fixed intest rate on purchases and balance transfers-this is not an introductory rate. I need to make some home improvements ASAP. I know it looks bad to have a lot of debt on revolving credit but if my house is already paid for does it matter? I'm not trying to get a loan for anything else.

diem

Joined: 20 Feb 2008
diem's page
Posts: 97

222 Magic Points

Thu Feb 21, 2008 1:57 pm

It's not going to affect you much at all if you don't plan on immediately getting a loan. Just keep in mind it will be there until its paid off.

Do you have any idea how much you are needing to do the improvements? A home equity line of creidt (HELOC) may or may not be your best option.

charles.armbruster

Joined: 14 Mar 2008
charlesarmbruster's page
Posts: 27
Location: Mesa, AZ

1355 Magic Points

Sat Mar 15, 2008 5:38 am

Even at 8%, a $10,000 HELOC would run about $70 per month -- if you paid $300 against it every month, it would be gone in just over 3-years.

The credit card would likely require a minimum payment of closer to $500 per month, or 5%.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 3138

5336 Magic Points

Sat Jul 19, 2008 11:07 pm

you should go to the mortgage forum to get this type of advice, they have all kinds of people there who work in the industry that can help you.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!


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