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Ask Shop Rate: Tom - West Virginia

Posted by  on Apr 16, 2009
 
I own a vacation house...which is worth $350,000. Its free and clear. I am remodeling the property and adding a bathroom and 2 bedrooms in the lower level. I am looking at a loan of $30,000 approx. Is there a product available? With the dollar amount you are looking to borrow, you best bet would appear to be to take out a Home Equity Loan or Home Equity Line of Credit where you only pay interest on the monies you use. Home Equity rates are very similar to Conventional Fixed Mortgage Rates right now so that would probably make the most sense. Shop around your local banks and see which one has the best program to fit you needs.


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