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Started By
Message
Tips for taking out a small loan
Posted on 12/16/18 at 9:11 pm
Posted on 12/16/18 at 9:11 pm
I’m wanting to take out a loan in the 15K-25k range to do some home repairs. I can’t refinance or use any home equity to make the repairs I don’t think. I’m 2 years in my home and I have a jumbo loan with PMI.
What are my options? What are the best places to go to get a loan in this range? What are good interest rates and terms?
Thanks
What are my options? What are the best places to go to get a loan in this range? What are good interest rates and terms?
Thanks
5
Posted on 12/16/18 at 9:23 pm to ryanlesh
quote:
What are my options?
Wait unless the house is unlivable. You don't need a industrial range or new expensive countertops or a new deck if you can't pay cash and don't have an equity in the home.
Posted on 12/17/18 at 12:18 am to ryanlesh
What kind of repairs do you need? If you are not talking about an a/c unit or a new roof stop and get ahead first, PMI is throwing money away, throw every extra dollar you can to get out of that trap. And not knowing your full situation i May be wrong, but being 2 years into a jumbo loan , paying PMI, and having to look for a 20K loan tells me you may be in over your head, downsizing may be a better option?
This post was edited on 12/17/18 at 12:21 am
Posted on 12/17/18 at 6:50 am to Tigerpaw123
quote:
being 2 years into a jumbo loan , paying PMI, and having to look for a 20K loan tells me you may be in over your head, downsizing may be a better option?
This. OP you have a jumbo loan, 2 years and still PMI, and you still can’t save $15,000 in cash? You must be financed out your ears.
If no HELOC then your next option is a personal line of credit. Do you have good credit? If you have a high income which I’m assiming so with the jumbo loan and have good credit, a personal line of credit for $15,000 should be pretty reasonable.
Posted on 12/17/18 at 8:35 am to ryanlesh
You guys bring up some harsh truths, I agree ideally I should save the money to do these repairs/ add ons as nothing is in dire need.
I do have good credit and I do have a good income. Part of this job I am paying cash. It’s about a 25K job and I’m paying about 8K in cash. I honestly only need probably 15K Loan. We purchased a home 20 years old, it’s a great house on a phenomenal piece of property. We wanted to do some added work when we purchased the house but just haven’t caught up yet.
I do have good credit and I do have a good income. Part of this job I am paying cash. It’s about a 25K job and I’m paying about 8K in cash. I honestly only need probably 15K Loan. We purchased a home 20 years old, it’s a great house on a phenomenal piece of property. We wanted to do some added work when we purchased the house but just haven’t caught up yet.
Posted on 12/17/18 at 9:34 am to ryanlesh
quote:
We wanted to do some added work when we purchased the house but just haven’t caught up yet.
And you’re going to put yourself even further behind borrowing money you shouldn’t be borrowing.
Posted on 12/17/18 at 10:46 am to ryanlesh
Pay your mortgage off until you don’t have PMI, then consider property improvements. You’re throwing money away on that PMI
Posted on 12/17/18 at 10:48 am to ryanlesh
Actually OP, tell us your household income and how much you bought your house for, and how much you have left on your mortgage. I think you have a bigger issue here, but we need to know more
Posted on 12/17/18 at 10:53 am to ryanlesh
quote:
Part of this job I am paying cash. It’s about a 25K job and I’m paying about 8K in cash. I honestly only need probably 15K Loan.
How long did it take you to save up the $8K? Just keep saving and soon you'll have the remaining $15K. Meanwhile, you can think very carefully about your renovations and figure out exactly what you want & how to achieve it in a cost-effective manner. Plus, you'll be able to shop sales for materials/whatever, and have time to seek competitive bids for the work.
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