(Closed) Home improvement loans

posted 7 years ago in Home
Post # 3
Member
2548 posts
Sugar bee
  • Wedding: October 2011

For our renos, we just took it out of our line of credit at the ank. The interest rate is pretty low. I’m not sure how much you are needing though, or if that is even an option for you.

Post # 5
Member
114 posts
Blushing bee
  • Wedding: October 2010

I would use a line of credit on the house only if you are a good amount below what you could sell the house for today. You really don’t want to borrow money to put work into a house that you can’t sell fro what you owe/close to what you owe on it.

Example: $200k house. You owe $160 on it. It could sell for $210. You could comfortably take out a $10k line of credit on the house and still be able to sell it if you absolutely had to.

I’d also take into consideration how long you plan to stay there vs. how stable your jobs are vs. what you’re hoping to spend on the house.

I know you didn’t mention anything about selling but I like to see the big picture of just in case. 🙂

Post # 6
Member
1116 posts
Bumble bee
  • Wedding: August 2008

We also have a home equity line of credit that we use to upgrade the property, inside and out.  Our HELOC is through US Bank, and we’ve had no problems.  For reference, we’re halfway through a 15-year mortgage, and house has increased in value since purchase, so getting the HELOC was financially reasonable.  No experience to share on a renovation loan specifically, sorry.

Post # 7
Member
114 posts
Blushing bee
  • Wedding: October 2010

@MerryC: Random but…good for you on the 15 year loan! Woohoo!

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