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Anyone get a good loan?

15 years ago

Bids are coming in (finally!) and it looks like we might actually be able to start sometime in June. Fingers, toes, arms, legs all crossed.

Unfortunately, the only bid we've received so far for construction is $49,900 and we budgeted $50,000 for the WHOLE job, including cabinets, lighting, etc. Can't say I'm really surprised though, since everything I seem to pick always ends up being the most expensive.

So, has anyone found any great loans out there? I don't want to spend forever looking for a great rate, and I'm sure someone here has already done that work.

Thanks in advance.

-Jeana

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Comments (5)

bluekitobsessed
15 years ago
I think loan terms are pretty specific to each individual, credit terms are changing (for the worse) rapidly, and I'm not sure this is the best forum to get that information.
dprisock1027
15 years ago
We went with home equity line of credit at less than 6%. I just liked the idea of not having to go through the process again once we wanted to start another project. It makes me want to pay this off faster also. Oh, you also get to use the interest on your taxes.
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Comments (13)
Thanks, everyone! This is a small town, and the loan officer at the local credit union did seem to think that national banks might be more lenient? Of course, the credit union's fees are much lower than the banks I've tentatively looked at, and I had wanted to work with them because that's who I've gotten loans from in the past, always paid on time. :( Bill: The loan officer's fees were separate from the closing costs, in addition to them, and labeled as loan officer's fees. All the usual fees were also listed. The problem with living in a small town is there is not a lot of competition around, so fees are hiked up for EVERYTHING just because they can be. This county, incidentally, frequently has the highest price of gas in the continental U.S. It's just like that for everything - but it is a gorgeous place, very mild climate, surrounded on one side by the Pacific Ocean and pristine forests on the other, so people get really attached to this place despite the hassle. The credit history thing is really frustrating. I've even paid rent that was higher than the cost of this mortgage at the credit union (if I had qualified by being in business a few months longer). I have a phone appointment w/ Bank of America today - I'll see how that goes...(We don't even have a local loan officer for B of A, apparently)...
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igloochic
15 years ago
don't get one on the internet! and i'd go with a home equity with a fixed rate conversion option. you'll find these at the major lenders. if you have enough equity using your tax assessed value for the loan, the costs to put the deal together should be quite cheap...and it cam be done within a week or so. if an appraisal needs to be pulled, that will take a couple of weeks longer.

loans are very individual though. i'd go to where you have a relationship already and start there, then check out a couple of the big guys for comparison. be sure to compare apr verses the actual rate though so that you are comparing apples to apples!
Jean Farrell
15 years ago
I got a fixed rate home equity line of credit, with an option to lock in the rate, through Chase. The rate currently is under 5%, so we will lock it in.
jujybean
15 years ago
we got a home equity @4.5%, but we plan on refinancing as soon as we are done. Sometime in Mid-June. The rate should hold steady at 5.5% for us.

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