What is best to have some home improvements done to your house, a home equity loan, or

Or a refinance? MY home needs many improvements, mainly a basement that won't flood in some areas when it rains heavily, some masonry and some remodeling of a bathroom. Which is best for this? I belong to a credit union and have a pension plan and those rates are pretty low.
  • June 30 2011 - Scotch Plains
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Answers (2)

A home equity loan has a shorter payout time.  A refinance can span over 30 years.  Depends on what you can afford.
  • June 30 2011
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The HELOC will be less expensive.  You will probably also have the option of making interest-only payments if you want to and you will only be charged interest on the money that you use.
In Washington State HELOCs are a little more risky in that the debt can follow you even if you lose the home that originally secured it.  Ask a local attorney or Realtor about it.
  • June 30 2011
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