Profile picture for JohnCenters

what kind of loan would be best if you own your home n its completely paid for.

I own my home free and clear and would like to get a loan for improvements.
  • October 11 2013 - Logansport
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Answers (6)

Whatever the choice I chose,  I would not do my payback for over 10 years.
  • October 15 2013
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Typically a line of credit will be a better option when compared to a cashout refinance for someone in your situation.
  • October 14 2013
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Not nowing the particulars but speaking in general, I would recommend using a Home Equity Line of Credit. 

Good Luck
  • October 12 2013
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Profile picture for CallTheSisters
Get an estimate for the renovations you wish to do.  Make sure you are not planning to over improve the property.

Sit down with a lender and discuss the amount of money you will need.  Get a quote and determine if the extra payment fits in your budget.
  • October 12 2013
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I just done an estimate for a couple that was making their last home
payment and was getting proposals for a new kitchen and bath
renovation.
This couple was going to use a home equity loan, I don't know about the
different loans out there specially ones that I haven't used.
This is just what they told me, any information from a local bank could
help you find one but I wouldn't limit myself to just one for advice.
Make an appointment an go in a talk to someone.

I don't know why you're not getting answers on here from loan people???
-Joseph-
  • October 12 2013
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Profile picture for j3350489
Contact a few lenders and ask what rates are . get all the details before you make a decision .You can do a line of credit or just a loan .
  • October 11 2013
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