Home Equity Loan question do I do it now or later?
We're putting an addition on our home - total cost will be about $250k but we want to add on $25k for "over costs." Whatever we don't use from the loan after all is said and done will go right back to the bacnk. We are thinking of a 30 year (pay back in 15) plan. We hope to have it paid off well before then so we think we'll be OK. This is the question - construction doesn't start in late Aug-Sept. But the interest rate info has us worried. Do we take out a lona now and put it into a CD or something until then or wait until closer to the project. I know interest will start accruing when we take out the late - but we're nervous that we'll end up with a 8+% rate later in the summer.