Last Sept. my husband and I purchased our first home. We were gifted equity of 20% (probably more) so not to have to pay mortgage insurance (the home had previously belonged to his grandmother who is now deceased).
The home needs some repairs. A new roof, siding and windows. We have the equity, and my husband's credit is pretty good. We've been making regular (on time) payments with this bank for both a vehicle and the mortgage.
Should we get:
--a home equity line of credit,
--a home equity loan,
or
--refinance the house?
and Why?
2007-04-13 05:21:19 · 4 answers · asked by birdgirl94 2 in Business & Finance ➔ Credit
Home equity loan.
You can write off the interest on your taxes. Just be sure not to take the loan out for longer than you need it. 60-months tops.
2007-04-13 05:26:03 · answer #1 · answered by ? 7 · 0⤊ 0⤋
There are many options for rebuilding an inherited home: if either of you served in the military you can use your "Service Loan" as you would to buy a new home and lock in a preferred rate-you could look at Fannie Mae:http://www.fanniemae.com/index.jhtml and see what loans would best serve your needs as well as your geographic - you could see your local bank and ask if they offer any preferred loans for area improvements. It is important to shop a loan to get the best option and most favorable rates. Good Luck!
2007-04-13 05:31:38 · answer #2 · answered by Walking on Sunshine 7 · 0⤊ 0⤋
home equity line of credit then you only take what you need. Also you want to compare closing costs and interest rates.
2007-04-13 05:30:07 · answer #3 · answered by ewtaylor2001 5 · 0⤊ 0⤋
this site maybe able to help you with your question... ( http://www.helpgetfunded.com ) you may not even have to take out a home equity loan if you read the site carefully...
2007-04-13 05:24:50 · answer #4 · answered by antivinegar 2 · 0⤊ 0⤋