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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4433
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I need to borrow $15,000 for repairs in my home. I have plenty

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I need to borrow $15,000 for repairs in my home. I have plenty of equity, and currently am paying 2.75% interest on my mortgage, for which I owe $66,000 for a house estimated worth at $340,000. Am I better off using a HELOC loan at 3.99%, refinancing the mortgage, or taking a loan off my 403(b) at 4.75%. My plan either way is to pay off the loan as fast as possible, hopefully in a year's time. Which of the three options makes the best sense?

rakhivasavada :

Kindly be online as I prepare your reply....

rakhivasavada :

Dear friend, hello and welcome....

rakhivasavada :

Can you read my response friend ?

Customer:

No, I do not see it

rakhivasavada :


Borrowing against your 403b is never the correct option when you have plenty of equity available. You will be paying he 403b loan anyway but that can invite tax obligations under certain circumstances.






7:48 PM



HELOC is something I would strongly advice you to g fr.






7:49 PM



The following is an excellent reference for you.



rakhivasavada :

http://www.bankrate.com/brm/news/DrDon/20051209a1.asp

rakhivasavada :

Can you see it now?

Customer:

yes i can. Thanks.

rakhivasavada :

Usually heloc are cheapest and you anyway have current mortgage at god gas

rakhivasavada :

Sorry...

rakhivasavada :

heloc are usually the cheapest and you anyway have current mortgage at good rate

rakhivasavada :

Are you there?

Customer:

yes I am.

Customer:

Just took a look at the article. Looks like sound advice.

rakhivasavada :

Am I clear? Is there anything more I can help you with ?

Customer:

I think that will do it. Thanks for the advice.

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