I need a loan and don't know which route to go - need help deciding what to do.?

Our central heat and air unit died this morning (only 4 years old and worked on multiple times!!-definently a lemon). We are having 20 degree weather here so it needs to be replaced quick!! The estimate I have been given is between $5000-$6000 and I just don't have that kind of money so I need to put it on a credit card or borrow the money. We only built this house four years ago so I don't know if I really have any equity in it. Besides, I don't know anything about equity loans, HELOC, 2nd mortgages, refi's, etc.

What would be the best route to go?? I'm betting one of these options would be better than a credit card. Any advice would be greatly appreciated. I ALSO do not have money for a down payment or closing cost at this time.

I need a loan and don't know which route to go - need help deciding what to do.?

The lower interest rate that you would get refinancing your home or doing a HELOC would definitely be better than what you'd pay for that high interest credit card. You could always have someone look into a loan for you, to see exactly what you'd be getting into, and some mortgage brokers have relationships with appraisers, so you might be able to get a free comp check to estimate what your home would be worth.

Another benefit of using your home rather than a credit card is that the interest on a mortgage is tax deductible, unlike a credit card.

Closing costs are not usually paid out of pocket for a refinance, so you needn't worry about that, and the cost of refinancing your home is completely tax deductible.

If you want some more information, or have any more questions, email me or check out our website.

Baconshmals@yahoo.com

http://aapexfund.com

I need a loan and don't know which route to go - need help deciding what to do.?

Have you checked to see if there was a manufacturer's warranty? For only being 4 years old, there is something wrong there. Secondly, you can get cc's with 0% apr on purchases for 6-18 months. I am sure the store you wouldl purchase the unit would offer some type of financing, also. However, would you be able to pay it off within that time frame? If not, you may end up paying a lot more in interest. If you can't pay it off in that time, you could do the balance transfer game, but need to have good credit to do this. Otherwise, I would do the HELOC kind of as a last resort, since you have only been there for 4 years, unless it has appreciated significantly. Why pay interest if you can get it at 0%?

I need a loan and don't know which route to go - need help deciding what to do.?

Brother, find out the value of your house, I guess house would have built some equity in these 4 yrs.

You can get an estimate of your house at www.zillow.com

And if you have equity then just go ahead and refinance your home.

Refinancing however can take 3-4 weeks or may be more, so you may get the heating system up on the credit card itself and while refinancing you can pay off the credit card.

Man, You can't let your family suffer in cold, so get it done asap.

If you wish, you can contact me, I may be able to help you...