About Joe Montgomery Expertise I can answer most any question in this area, unless they are seeking legal advice.
Experience I have worked in the lending industry for over 15 years, and worked in consumer lending, (Personal loans, and small collateral loans) as well as mortgage lending during the first 6 years of my career
Publications Currently an all experts expert for mortgage loans.
Question I am thinking of trying to get a personal/home improvement loan for 10,000. I have 2 major credit cards-both of which are a little over 50% of my limit, I have never missed a single payment. My credit score is 684. I own a house but do not want to take an equity loan. Where should I start?
Answer You could look into getting a personal loan, but your payments are going to be a good bit higher than you are currently paying for both credit cards, and your interest rate will probably not be much better than 12-16%. This is one of the reasons that most people in your situation get a 2nd mortgage or HELOC.
The lender you go to-- most likely a bank or credit union, will ask for collateral-starting with your home, so be prepared. Additionally, in some cases, getting a 2nd mortgage will allow you to write some of the fees off on your taxes.
The first thing to do is talk to your local bank or credit union, tell them what you are looking to do, and ask them to provide you with 2 or 3 different loan scenarios- and then do the same with another lender so that you can get an idea of what options you have, and which deal is the best for you. Whatever you do, stay away from a Home Equity loan, or credit card type loan, as these rates are currently climbing, and the interest is the bulk of your monthly payments.
