Home Equity loan Question?

[KrishnaDevaRaya]

Home equity loan thesukovacha for debt consolidation ? It looks like a very lengthy process and lot of documentation

Please share your thoughts

 

[Hitman]

HELOC can be 9 to 10% at this time. If you have Higher interest rate HELOC is one of the good way to consolidate. BOA is straight forward. FREE. takes 10 to 15 days. 

[ARYA]

22 minutes ago, KrishnaDevaRaya said:

Home equity loan thesukovacha for debt consolidation ? It looks like a very lengthy process and lot of documentation

Please share your thoughts

 

heloc will be market personal loan intrest rate...so get ready to pay high interest rates

[chittiR]

how much debt? if its less than 50k, sofi or upstart is good, the interest rates are close to 9-10%, depends on your credit.

[phatposts]

HELOC process can get lengthy depending on the bank. It is almost like a new loan so banks look for more info. 

If interest rate works in your favor compared to other loans - why not?

Keep in mind HELCO rates are float rates - meaning if fed rates go up helco rates go up. Ippudu 7% ki vachindi ante 10-15y ki fixed kaadu. 

[CricPokChic]

35 minutes ago, chittiR said:

how much debt? if its less than 50k, sofi or upstart is good, the interest rates are close to 9-10%, depends on your credit.

debt around 50K , upstart or sofi showing 17-18% ,credit is 665

[chittiR]

first explore different options before you get into personal loan or HELOC.

even after you consolidate your debt, its just matter of time before you accumulate additional debt if you don't change your spending habits. First introspect on why you went into debt, and address the root problem. 

Also, before you go for personal/HELOC loan (which they'll rip you off), try exploring some options like 0% balance transfers, and also 401k loan might be a good idea, since you're borrowing your own money.

my 2 cents.

 

[Pahelwan4]

1 hour ago, chittiR said:

first explore different options before you get into personal loan or HELOC.

even after you consolidate your debt, its just matter of time before you accumulate additional debt if you don't change your spending habits. First introspect on why you went into debt, and address the root problem. 

Also, before you go for personal/HELOC loan (which they'll rip you off), try exploring some options like 0% balance transfers, and also 401k loan might be a good idea, since you're borrowing your own money.

my 2 cents.

 

401k loan best you can get max 50k. You pay interest to yourself 

[KrishnaDevaRaya]

Try DCU so far they are offering low interest rate around 8%

 

[Bulls_Rose]

13 minutes ago, KrishnaDevaRaya said:

Try DCU so far they are offering low interest rate around 8%

 

BOFA offering 5 first year then 6,7,8 following yers

[akkum_bakkum]

22 hours ago, Pahelwan4 said:

401k loan best you can get max 50k. You pay interest to yourself 

 

On 2/12/2025 at 2:44 PM, chittiR said:

first explore different options before you get into personal loan or HELOC.

even after you consolidate your debt, its just matter of time before you accumulate additional debt if you don't change your spending habits. First introspect on why you went into debt, and address the root problem. 

Also, before you go for personal/HELOC loan (which they'll rip you off), try exploring some options like 0% balance transfers, and also 401k loan might be a good idea, since you're borrowing your own money.

my 2 cents.

 

401k load is good, but isn't it taxed twice. Repayment money is taxed, so effectively 2 times. Qualify aithe hardship withdrawal better emo. paisalunte extra contribute cheyyochu later on.