Forums
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.
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.
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%.
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.