Home Depot options? Your thoughts?

[david_weaver]

OK, buying a home I am putting around $30K of repairs into. The $30K is financed with a 203K loan. This covers the must-do's, but I have a list of want-to's, maybe another $25K.

 

What is the best way to handle this?

 

Home Depot offers an installment loan (84 months @ 7.99%), or I could apply for an HD Card, but not sure if the limit would be enough to cover everything and I want some certainty on when it will be paid off and how much it will cost me, or I could do a HELOC, or maybe even a cash-out refi?

 

Thoughts?

 

 

[grondie]

I would say HELOC since this will likely give you a better interest rate than 7.99 and the funds are being used to improve the property. I would definitely avoid the HD credit card or any other card for that matter. Good luck.

[Cactus Flower]

Depends on if you think you can get a credit line that big with Home Depot.

 

I've been unable to refinance or get a HELOC on my home and I've been in it for over 4 years, reason: no equity.

[david_weaver]

My guess would be $5,000 is the best we would get for a credit card line from Home Depot, at least based on what I see in the creditpulls database. That would not cut it. Plus, the interest rate would be the highest of the options, and maxing it out would likely hurt scores.

 

So it looks like either the HELOC, if the appraisal is good after the first round of repairs, or the HD installment loan?