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Line of credit or Personal Loan?
Posted on 5/5/17 at 10:49 am
Posted on 5/5/17 at 10:49 am
Looking to update the house with renovations and do some home repairs. What is the route to go and how painful is the process... I would think it would be in the neighborhoood of 20-30k?
3
Posted on 5/5/17 at 11:20 am to 3TimeAllParish
Lightspeed offers both and rates are cheap! For vehicle loans, they're unsecured.
Home loans may be the same way.
Home loans may be the same way.
Posted on 5/5/17 at 11:23 am to Will Cover
You mean lightstream?
Posted on 5/5/17 at 12:43 pm to castorinho
Yes, was thinking about ATVs when I wrote that!
Posted on 5/5/17 at 11:23 pm to 3TimeAllParish
Line of credit.
Bank will approve you for $xxxxx and you can borrow that whenever you want. You can "request" 40k to be on the safe side but you don't have to use it all. You only pay interest on what you spend, not the entire credit line.
Then you and the bank settle on what monthly payments you can make based on what you borrow so you can pay it off. It's also a revolving account, so helps credit if you're responsible with it.
Bank will approve you for $xxxxx and you can borrow that whenever you want. You can "request" 40k to be on the safe side but you don't have to use it all. You only pay interest on what you spend, not the entire credit line.
Then you and the bank settle on what monthly payments you can make based on what you borrow so you can pay it off. It's also a revolving account, so helps credit if you're responsible with it.
Posted on 5/6/17 at 8:10 am to 3TimeAllParish
Home equity second mortgage LOC. You can write off the interest.
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