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vanisleevt

finance options

vanisleevt
14 years ago

I'm looking for some thoughts and advice on finance options to borrow around $125,000 for a home reno. We currently own our home and it's worth $750,000. The only debt we have is a car loan with $25,000 remaining financed at 2.9% with one year left on the term, yes we chose a very aggressive payment in order to pay it off fast. What would be our best option for borrowing the money, HELOC? Originally I was planning on getting a HELOC and consolidating the two debts but I'd most likely be at a higher interest rate. Now I'm wondering if we should continue paying the car off and keep the other debt separate. It's hard to say if we can handle the payments. This HELOC stuff is new to us, that is why I'm here for advice. Any idea what I can expect for a HELOC interest rate?

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