HELOC or 2nd

Locked98GC · Joined: 20 Aug 2008 Posts: 1 1.26 Dollars($)

I want to take out equity in the house for a car. $30K. Its worth is $305K and I owe $115K on the house. I would like to do this for the tax break. What would be my best option for this? A HELOC, 2nd, or.....

smckaybiz · Posted: Wed Aug 20, 2008 7:21 pm Post subject:

Hello locked98GC! Welcome to the forum.

I would definately suggest the HELOC here. Chances are that if you are going to do this now, how about a few years later when your ready to buy a new car? You don't want to have to worry about paying closing costs over and over again or dealing with prepayment penalties. Besides, most HELOC's come with the option to lock your rate in for a small fee.

Some others may be along that "beg to differ" but that's my 2 cents and I'm stickin' to it... Very Happy

Best of luck!

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