- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Heloc or cash-our refi?
Posted on 4/2/20 at 8:02 am
Posted on 4/2/20 at 8:02 am
Owe: $250k
House appraised for: $414k
Current mortgage rate: 4%
Excellent credit
Looking to do some projects to my house, need around $55k. Can do a 30 yr cash out refi now at 3.5% + around $6k closing costs but waiting to see if lower rates come back. Thought about a Heloc and possibly just doing a refi if rates do drop again.
What is the better option?
House appraised for: $414k
Current mortgage rate: 4%
Excellent credit
Looking to do some projects to my house, need around $55k. Can do a 30 yr cash out refi now at 3.5% + around $6k closing costs but waiting to see if lower rates come back. Thought about a Heloc and possibly just doing a refi if rates do drop again.
What is the better option?
1
Posted on 4/2/20 at 8:07 am to PorkSammich
HELOC if all you can get is a 0.5% lower rate on the refi.
I’m a big fan of HELOCs. Great tool to have at your disposal and if you shop around you will find a lender who will pay for all closing costs associated with opening it.
I’m a big fan of HELOCs. Great tool to have at your disposal and if you shop around you will find a lender who will pay for all closing costs associated with opening it.
This post was edited on 4/2/20 at 8:19 am
Posted on 4/2/20 at 9:16 am to PhiTiger1764
i agree, heloc short term while waiting on the right moment to refi.
Posted on 4/2/20 at 9:39 am to Chad504boy
What about a HELOC just to have a HELOC? Any negatives in anyway to have one for just in case but not use it if no need? Do lenders look at it as a potential for debt?
I did a cash out refi and dropped my rate from 4 to 3% and using the money for an investment project, but im thinking about grabbing a HELOC just to have for just in case
. I figure banks are willing to open them when you dont need them and tell you to pound sand if you do need one.
I did a cash out refi and dropped my rate from 4 to 3% and using the money for an investment project, but im thinking about grabbing a HELOC just to have for just in case
. I figure banks are willing to open them when you dont need them and tell you to pound sand if you do need one.This post was edited on 4/2/20 at 9:42 am
Posted on 4/2/20 at 11:11 am to NOLAGT
quote:
I figure banks are willing to open them when you dont need them and tell you to pound sand if you do need one.
yeah do not wait until you need one to open one. go open one now so you have it and use as needed.
Posted on 4/2/20 at 11:48 am to Fat Bastard
Once my commercial loan on some properties wraps up I think I will embark down that road. I dont want to do anything now...not sure how the commercial loan world looks at movement like that
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News