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Home equity loan, refi or HELOC?

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Money Talk > Real Estate

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RandRmoney
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Cash: $ 7.65

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Joined: 03 Mar 2011

Home equity loan, refi or HELOC?  Reply with quote  

Here's the situation:

A duplex two - 2 bedroom units. Owned flat out. Bought it for 30k, put about 10k in it. Very nice rentable units. 750 and 650 pr month.

I have good credit 720 -750. I pretty much tapped out my finances by my standards, meaning I like to have a certain amount on hand.

I know this property could get appraised for a good amount based on the comps in the neighborhood. Properties for sale at 130k and 120k.

Went to one bank and the terms on their HELOC were shaky. Also I had bad experiences with HELOC's in the past.

So what would you do? How would you cash out? home equity loan, Refi, or HELOC?
Post Sun Jan 08, 2012 3:33 am
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