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Personal Finance and Investing

biophile

(1,044 posts)

8. A home loan is better than a HELOC but both should be last resort

Reply to Beartracks (Original post)

Sun Nov 16, 2025, 06:17 PM

Sunday

Home Equity Line of Credit can have variable interest rates so your payment might change. A home loan is more like a mortgage with fixed payments and defined payback period.
Are you able to qualify for a personal loan with such a high debt load already? Have you inquired or applied? It’s possible that high credit card debt might disqualify you for some of the loans you seek.

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Home equity vs. personal loan for cc debt [View all] Beartracks Sunday OP

You're on the right track: surfered Sunday #1

Home equity loan interest is no longer deductable IbogaProject Sunday #6

Take the loan in December orJanuary as Home Equity loan interest paid in 2026 is deductible. Per the IRS at link below surfered Sunday #11

Ok that might make it more cost effective IbogaProject Sunday #17

Don't encumber your home WhiteTara Sunday #2

Can you focus on one project at a time & take a smaller loan for a project, pay it off, them take another loan? SheltieLover Sunday #3

That's something to consider. Beartracks Sunday #4

Or just maybe pay off or pay down cc debt, then select project? SheltieLover Sunday #5

Probably looking at 5-yr payoff for the consolidation loan. Beartracks Sunday #7

My daughter is in the same boat biophile Sunday #9

Hey, can I apply at your local Bank of Mom branch? Beartracks Sunday #13

You can apply but she has just about tapped me out! 😆 biophile Sunday #16

A home loan is better than a HELOC but both should be last resort biophile Sunday #8

Per CreditKarma, I'm a good candidate. Beartracks Sunday #14

Good! Then wishing you success whatever you decide! biophile Sunday #15

Don't touch your equity mzmolly Sunday #10

Personal loan - investigate SoFi. They loan, but also broker loans. 3Hotdogs Sunday #12