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is it better to get a home equity line of credit or a 2nd mortage?

B

BooGiMaN

Diamond Member
I have to replace the roof on my house and its going to be expensive.

which is better a home equity line of credit or a second mortgage?


ill be borrowing between 10 to 15 depending on if i decide to restucco and paint as well.
 
Originally posted by: BooGiMaN
I have to replace the roof on my house and its going to be expensive.

which is better a home equity line of credit or a second mortgage?


ill be borrowing between 10 to 15 depending on if i decide to restucco and paint as well.
Click to expand...

Neither, unless you REALLY have to.. to much credit is just going to be a disaster.. one mortgage is enough.
 
HELOC = adjustable rate based on Prime, which the Fed has been steadily raising and likely will continue to do so. Advantages are lower initial rate and more flexible payment and borrowing options.

A traditional 2nd mortgage will usually have a fixed rate, term, and payment. No borrowing options, just all up front.
 
10k for a roof?

edit: in addition to figuring out that HELOC is probably a good choice, don't forget to get several estimates.
 
Originally posted by: DrPizza
10k for a roof?

edit: in addition to figuring out that HELOC is probably a good choice, don't forget to get several estimates.
Click to expand...

for house detcahed garage, includes diposal of old roof and some damaged wood...plus city fee (permit+inspection)
 
Originally posted by: Vic
HELOC = adjustable rate based on Prime, which the Fed has been steadily raising and likely will continue to do so. Advantages are lower initial rate and more flexible payment and borrowing options.

A traditional 2nd mortgage will usually have a fixed rate, term, and payment. No borrowing options, just all up front.
Click to expand...

the payment quoted on the HELOC is basically the minimum payment required a month right...just like a credit card?

I see they have a HELOC with a fixed rate as well
 
Depending on your current mortgage rate and amount of equity, consider refinancing and taking cash out.
You'd have to answer these questions to see if it's feasible:
1. Appraised value of home (with improvements)
2. Balance owed on mortgage
3. Current intertest rate of your mortgage
 
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