What kind of loan is best for me?
I moved into my cabin permanently about a year ago. Over the last year I have put in a new well and septic system as well as a new furnace. I am now looking at adding an addition, a garage, and new siding. While I have paid cash for all improvements to date, I am considering taking out a loan for the last of the projects I would like done. I do not currently owe anything on the property. What type of loan would be best for me? A traditional mortgage? A home equity line of credit? We are talking about $65,000. by candus.lunderberg882 from , California. Jul 12th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The joke answer is "the loan you qualify for" - Joking aside, for this you would typically get a HELOC - a Home Equity Line Of Credit. They essentially give you a line of credit and a check book. Use as much or as little of the credit line as needed. If you pay it down, you can use it again and again. Typically these have a about a 10-year period of where you can drawn money, and a 15-year term to pay it all back.
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