I am beyond clueless with these kinds of loans and need some guidance and wisdom. Needing to make some repairs to my house (around $25-$30K) and was curious on these options. I have several quotes, but am not sure which is the best option for my situation. More than likely, I will pay this amount off in 2-3 years.

What questions do I need to ask the lender and myself to make the best decision? The money is for a new roof and some flooring.

Are there any Ags that do this lending? I am in CO if that matters.

Thanks for the help.

There are several but they are on real estate board, including jay the sponsor over there

With a HELOC you'd be paying extra for the privilege of the revolving aspect of the loan. Take out money and paydown and repeat.

It sounds like you just want to borrow once, pay it down over time, and be done with it. If that's the case, you want a "closed end second lien". I think that would be the cheaper option,

Another thing to look at, when I did things, was to just get a signature loan from a Credit Union.

While I paid a little higher rates, I'm not tying up my house in the loan and/or messing with any tax issues.

Mine was a bit more overall cost, but a similar loan value. Granted, this was before rates were as high as they are now.

~egon