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Started By
Message
Financing a pool house
Posted on 1/25/15 at 11:21 am
Posted on 1/25/15 at 11:21 am
I'm looking to build a livable pool house <1000 square feet. I'm looking to get a relatively short term loan to pay for it. Which route should I use to get the lowest interest rate. My credit score is excellent.
2
Posted on 1/25/15 at 12:06 pm to High C
I would just do a HELOC if it will be short term.
Posted on 1/25/15 at 3:02 pm to TheHiddenFlask
quote:
I would just do a HELOC if it will be short term.
This.
Posted on 1/25/15 at 8:31 pm to High C
If in Louisiana, LA Capitol FCU was offering less than 6 % on unsecured loans.
Don't have to risk your house in case you default (not implying that you will).
Don't have to risk your house in case you default (not implying that you will).
Posted on 1/26/15 at 6:38 pm to Will Cover
In similar situation except shed, not pool house. HELOC all tha way.
Posted on 1/26/15 at 7:14 pm to Will Cover
If you're going to pay it back, you can get a much better rate on a HELOC.
Posted on 1/26/15 at 7:18 pm to Will Cover
quote:
If in Louisiana, LA Capitol FCU was offering less than 6 % on unsecured loans.
Don't have to risk your house in case you default (not implying that you will).
I think too many people overlook this, I hope to never put any type of second on my house, and really hope to eliminate the first soon
Posted on 1/28/15 at 7:24 am to TheHiddenFlask
I agree, however HELOC rates are 4.5 % and a personal loan can be obtained for 5.80 % one may want to consider this option.
While I always believe debts should be repaid in full plus interest, if something dramatic were to happen and the debt not be repaid, at least OP would not lose their house.
While I always believe debts should be repaid in full plus interest, if something dramatic were to happen and the debt not be repaid, at least OP would not lose their house.
Posted on 1/28/15 at 8:44 am to Will Cover
I would wait till you have the cash to build it.
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