What would be the best loan options on shares or second mortgage?

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We need a bathroom remodel mojor very quickly, otherwise we risk not having a shower running soon. We currently are not our 3x amount of loan due to the capital, but our side of the beste.Was I want to take the loan restructuring (including equipment for other areas of the house we have ) for a solid 15-30 years for our curretn reimbursement payments are low enough not to hurt us until we sell in 5 years when we mortgages paid in full, and we are the second to repay loans the benefits of full Verkauf.Welches would be the best way for our needs, timing and the best rating and make him go get the best rate possible? Thank you

1 Comment
  1. Reply
    GoldyLox1116
    January 25, 2011 at 5:03 am

    1st of all, a 2nd mtge IS a home equity loan.

    what u need to decide is whether 2 go with a home equity LOAN (fixed rate for a specified tenor, or period of time) versus a home equitl LINE OF CREDIT – called a HELOC). the heloc floats with the prime rate, plus a certain margin. so the payback rate changes as the prime rate does, whether its up or down. most will have a percenatge that the interest rate cannot be lower than.. mine cant go lower that 3.75%. if your credit is bad, the margin will be on the higher side. but, the good thing about a heloc is that you only pay interest on the amount outstanding, like a credit card. so, if you took out a heloc for 25,000, but only used 17,000, you will pay interest on the 17,000. on a LOAN, you pay interest on the full amt of the loan, like a mortgage.
    check with your lender as to what you will qualify for and what the current loan and heloc rates are.

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