home equity loan
We need to remodel our bathroom, should we take out a home equity loan or borrow against my husbands 401K. He will probably retire in about a year or so, I’m retired and we both have great credit, will probably need around 30-35,000. Everyone says a home equity loan which we have plenty of room to do so. I came up with the idea of putting it on a credit card and then transfer it to a interest free card.
Terry Says
Hmm — that’s a lot of debt to put on a credit card, and the rates will be very high — And transferring will only get you 12-18 months interest free. Then you might have a problem transferring again.
Id suggest a home equity loan, but make sure that you are paying more than just interest on each payment. Otherwise you could face a balloon payment in 5 years or so.
And, could you get some other bids on this job? That sounds like a VERY expensive bathroom!
