Home Equity or My Own Cash?

daskas27

LoanSafe Member
Jul 27, 2010
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0
Hello, I own my house, no mortgage anymore. We are planning to remodel the home adding a new breezeway and garage as well as some interior work. My question is should I use a home equity loan or my own money for these updates?

Thank you
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
www.LoanSafe.org
Hello, I own my house, no mortgage anymore. We are planning to remodel the home adding a new breezeway and garage as well as some interior work. My question is should I use a home equity loan or my own money for these updates?
Welcome and thank you for joining the community.

Personally if I had enough money to do it on my own I would go ahead and pay it instead of taking out another loan..
 

cyril1

LoanSafe Member
Jan 10, 2011
5
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0
HI

In plain language, a home equity loan is a finance taken against your home. A Home Equity Loan is also called a mortgage or a second mortgage. One more synonym for home equity loan is equity release schemes.