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re: Update- What is the better option to secure a loan, the bank or borrowing from 401k?
Posted on 9/21/22 at 3:59 pm to castorinho
Posted on 9/21/22 at 3:59 pm to castorinho
So if the loan was taken out in 2019 or early 2020 you’d be ahead?
1
Posted on 9/21/22 at 4:18 pm to Paul Allen
Would need exact timelines and loan terms to work the math out.
But to your question, yes it is possible you'd be ahead depending on window picked.
But anyway, still not advisable unless you're in a life changing type of bind
But to your question, yes it is possible you'd be ahead depending on window picked.
But anyway, still not advisable unless you're in a life changing type of bind
Posted on 9/21/22 at 7:27 pm to Bourre
quote:
Any help is appreciated, we obviously wasn’t planning on having to get a new roof by the end of the year.
I'd suggest reading about the penalties if you don't/can't pay back the funds into your 401k, gets pretty expensive. I would think HEL would be a better route assuming you have significant equity in your home.
Posted on 9/22/22 at 7:15 am to Sterling Archer
The exact quotes between the 3 companies was between 37k-40k for around 86 squares on a 4200 sqft roof plus a pool house.
Premier South
Cypress Roofing
A recommended local roofer
I’m all ears if anyone has another roofing company they want to recommend in the BR area.
Premier South
Cypress Roofing
A recommended local roofer
I’m all ears if anyone has another roofing company they want to recommend in the BR area.
This post was edited on 9/22/22 at 7:24 am
Posted on 9/22/22 at 7:23 am to Bourre
Another option could be to not do a tear off and single over your existing roof. Not sure how much they would take off the price. You do have the risk of the shingles not laying down as flat. With a price like that, I am assuming you have a very cut up and steep roof.
Posted on 9/22/22 at 8:26 am to Tomcat
quote:
I am assuming you have a very cut up and steep roof.
Correct
Posted on 9/22/22 at 3:27 pm to Bourre
Call Ryan theriot at hudco, I always hear them advertising on the radio
Posted on 11/21/22 at 5:26 pm to Bourre
Update (like anyone cares, lol)
I wanted to give a shout out to HUDCO Roofing. I decided to make 1 last call for a quote after reading the responses (and listening to the radio ad). HUDCO came in 10k cheaper than the rest of the bids and did an excellent job. This allowed us to pay out of pocket without having to secure a loan
I wanted to give a shout out to HUDCO Roofing. I decided to make 1 last call for a quote after reading the responses (and listening to the radio ad). HUDCO came in 10k cheaper than the rest of the bids and did an excellent job. This allowed us to pay out of pocket without having to secure a loan
Posted on 11/21/22 at 8:52 pm to Bourre
quote:
Update (like anyone cares, lol) I wanted to give a shout out to HUDCO Roofing. I decided to make 1 last call for a quote after reading the responses (and listening to the radio ad). HUDCO came in 10k cheaper than the rest of the bids and did an excellent job. This allowed us to pay out of pocket without having to secure a loan
That is awesome
Posted on 11/22/22 at 5:59 am to Bourre
quote:good news. We replaced a similar roof in 2018. it was insurance pay but it was $3x,xxx. It's amazing what a roof costs to replace over new construction. I guess the tear/haul off is just that much?
Update (like anyone cares, lol)
I wanted to give a shout out to HUDCO Roofing. I decided to make 1 last call for a quote after reading the responses (and listening to the radio ad). HUDCO came in 10k cheaper than the rest of the bids and did an excellent job. This allowed us to pay out of pocket without having to secure a loan
This post was edited on 11/22/22 at 9:43 am
Posted on 11/22/22 at 8:32 am to Bourre
quote:
Update (like anyone cares, lol)
I care man
Posted on 11/23/22 at 7:50 pm to Bourre
quote:
4200 sqft roof plus a pool house.
Not trying to be an a-hole, but having a 4000+ sq ft house with a pool house, and not having 40k either in cash/money market in an emergency fund or even available on a credit card seems weird to me.
Posted on 11/23/22 at 11:53 pm to Bourre
quote:
We need between 35-45k for a new roof
Is this a surprise (that the time is now for a new roof and this level of cost to do so)?
Is there no other option other than debt to cover this cost?
401k opportunity cost (money out of market not earning for you) can be high. Loan interest will be high.
Do you absolutely need a new roof now?
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