Recently purchased a tax foreclosed home that needs work. What is the best way to go about obtaining financing for improvements? I was thinking about home equity line of credit, but did not know if just getting a loan using the home as collateral was better. I was told that the home equity line of credit is easier to obtain, but was unsure.

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November 7th, 2009 at 1:49 pm
You can either use a HELOC or a personal loan. A personal loan requires good credit whereas you can get a HELOC, if you have decent credit. Yes, a HELOC is fairly easy to get and the process is painless.
November 7th, 2009 at 1:49 pm
I can help! Shoot me an email to msmith@premierloangroup.com, and let’s chat!
Marty
November 7th, 2009 at 1:49 pm
Go with the Heloc as the interest is tax deductible and the lenders will be more than happy to work with you on that. Good luck.