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Started By
Message
Need to refi home equity loan and take some cash….
Posted on 12/1/25 at 9:54 pm
Posted on 12/1/25 at 9:54 pm
… for use in August.
Should I wait until the summer inn
Hope if a rate drop?
Not real plugged in to this stuff so any advice appreciated.
Should I wait until the summer inn
Hope if a rate drop?
Not real plugged in to this stuff so any advice appreciated.
2
Posted on 12/1/25 at 9:59 pm to xBirdx
You have a spending problem
Posted on 12/1/25 at 10:13 pm to Mingo Was His NameO
You’re an idiot.
Look/ we both made assumptions without any context!
Look/ we both made assumptions without any context!
Posted on 12/1/25 at 10:53 pm to xBirdx
How much and how quickly can you pay it back? August? 9 months is a ways a way as it is. Is the amount needed not attainable in that 9 months, or at least a means to reduce any loan amount you'd need to take?
Posted on 12/1/25 at 11:03 pm to Snoopy04
It will be a part of the whole amount I’m needing. Have been saving will continue, but will be about $15k short.
Won’t be able to pay back in full anytime soon….unfortunately
Won’t be able to pay back in full anytime soon….unfortunately
Posted on 12/1/25 at 11:28 pm to xBirdx
As long as you can pay it off without a hitch on the terms and conditions then do what you gotta do. Your home is the collateral on the loan I assume, so don't fudge with that. $15K doesn't seem to be a scary amount to finance at least, but I understand money is relative to each individual.
I'd commit to pay it off as quickly as possible, if not ahead of schedule to reduce the interest being paid over time.
I'd commit to pay it off as quickly as possible, if not ahead of schedule to reduce the interest being paid over time.
Posted on 12/1/25 at 11:33 pm to Snoopy04
Yes that shouldn’t be a problem (knock on wood)
Question is: get it now and start the payback earlier , or wait until summer and hope for better rate
Question is: get it now and start the payback earlier , or wait until summer and hope for better rate
Posted on 12/1/25 at 11:50 pm to xBirdx
Take it now means you will start accruing interest on the entire $15k (plus possibly higher rate.on existing home equity loan balance). Better to set aside the extra payments you'd be making and borrow less when time comes that you actually need it. What is your current home equity loan rate?
Posted on 12/1/25 at 11:53 pm to TorchtheFlyingTiger
5.9%
Posted on 12/2/25 at 7:30 am to xBirdx
More reason to wait. You'd be unnecessarily accruing an additional 8 months of higher interest rate on existing equity loan balance. It might make more sense to keep the lower rate and borrow the $15k when needed on a separate HELOC or personal loan, especially if the existing loan is high balance.
Posted on 12/2/25 at 8:12 am to xBirdx
wait
Posted on 12/2/25 at 8:35 am to xBirdx
I agree with above posts that say to wait.
Posted on 12/2/25 at 8:39 am to xBirdx
quote:
Look/ we both made assumptions without any context!
quote:
$15k short.
quote:
Won’t be able to pay back in full anytime soon
In addition to your multiple other threads on this board about needing more cash. So, no, I’m not making an assumption.
Posted on 12/2/25 at 9:23 am to Mingo Was His NameO
Looking back, is this the same $15k you plan to spend on a car for your son? (Posted back in Aug planning to buy in a yr talk-me-out-of-a-401k-loan ) If you have to mortgage ypur home to make it happen, you simply cant afford to buy it for him. I didnt have a car until junior year of college because I worked but didnt save. If you must, just take out an auto loan from local credit union. Many offer low auto rates to bring in customers. Arkansas Federal CU is advertising as low as 3.99% for example.
Borrowing against your retirement or home to buy a depreciating asset for a child is financially reckless.
Borrowing against your retirement or home to buy a depreciating asset for a child is financially reckless.
This post was edited on 12/2/25 at 9:26 am
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