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Brenna | Which is better to take out a personal loan for 5000 or to refinance your home loan and add it on? |
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Andrea M
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Personal Loan...the closing costs to refinance your home will most likely amount to more than $5,000.00 so you'll end up owing twice the amount that you intended to "add on" automatically. It may depend on the interest rate you have on your current home though. If you wanted to get a lower monthly payment and you qualify for a better interest rate, you might want to refinance just to save yourself some money. But if your sole purpose is to borrow $5,000.00, then refinancing is a waste of time. Although you might be able to find a bank to take out a Home Equity Line of Credit on your home which would basically provide you with a revolving line of credit to borrow from, but find a bank that is willing to charge you NO FEES to close. |
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compare the terms of each loan. the refinance could be expensive but the apr could be less than your current one and it could save you more than what you are wanting to get a loan for and you can get the savings then or have years taken off of your loan it all depends also you can write off interest payments from the home loan but not the personal loan which could help alot again depending on your circumstance
also try to borrow as little money as possible and only if absolutely necessary |
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SMD
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if all you need is 5000, then refinance is NOT the way to go. Check out prosper.com, there you can get personal "peer to peer" loans at resonable rates (people bid on the rate based on your credit) |
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Brian G
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Good and bad to both. A personal loan will usually have a higher interest rate and is harder to qualify for, since it is not backed by anything but your promise to repay. Refinancing may get you a lower interest rate, but there are closing costs to consider along with the interest. Refinancing also gets you the tax write off of the interest. If something happens to your income, you could lose your home if you can't meet the payments. You may also consider a home equity loan, which will get the lower interest, but low up front cost. It may still be tax deductible, but your home is still on the line. The best thing about the equity loan is the ability to reuse it over and over again as you repay it. |
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Jen
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To refi for $5000 may end up costing you a heck of a lot more than you expect, especially with all the refi fees associated. Sure you can write off the interest on your taxes, but to finance $5,000 for 30 years and start your mortgage payments all over, just isn't worth it in my opinion.
I suggest getting a personal loan, and you can pay $100 a month at 6.99% and pay it off in 5 years. |
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xxx
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checkout the personal loan information site It's help you hope visit |
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Ken C
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Well, no real exact answer here. I don't think I would refinance my current home loan unless I could get a better Interest rate than I currently have. It will cost points and fees also. Instead of a personal loan or refinancing my home mortgage, I would get a home equity loan or better yet a home equity line of credit. With a home equity line of credit, you can use the dollar amount you need, and still write off the interest like you do on your home mortgage.
Call the place where your current mortgage is with or your local Bank, Credit Union or Savings and Loan.
Best of luck to you! |
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akindya
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Take out an equity loan, they normally have minimal fees, where a refinance can cost thousands. Plus a home equity loan is tax deductible where as a personal loan is not |
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Yanswersmonitorsarenazis
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It can easily cost up to $5000 to refinance. You don't refi just for $5000. That's what a no closing cost home equity loan or line of credit is for. They have better rates than unsecured personal loans and the interest is generally tax deductible |
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