What is the best loan for building a detached gara... - myFICO® Forums

Bogey1975 · ‎02-10-2022

I'm going though the final plans, permitting and approvals now. I'd like to started building around mid April. What is the best type of loan for this project. I was hoping to find something better then a signature loan.

Thanks

Lou-natic · ‎02-10-2022

Have you tried getting a hold of your bank and asking them? I imagine this would be a good use of a HELOC if that is an option.

3/3/24

disdreamin · ‎02-11-2022

@Lou-natic wrote:
Have you tried getting a hold of your bank and asking them? I imagine this would be a good use of a HELOC if that is an option.

I was thinking HELOC as well, since it's presumably going on the property the loan would be against.

SouthJamaica · ‎02-11-2022

@Bogey1975 wrote:
I'm going though the final plans, permitting and approvals now. I'd like to started building around mid April. What is the best type of loan for this project. I was hoping to find something better then a signature loan.

Thanks

I personally do not recommend borrowing against your home.

And I'm no lover of installment loans.

So my suggestion would be to get either a personal line of credit from a credit union, or a credit union non-rewards platinum card with no cash advance fees, or both, so that you'll have a ready source of money for contractors who don't accept credit cards or who prefer cash.