Not really sure why I feel confused on these.
Situation have Cash(soon(Dec - Jan ish) a kitchen remodel will drain to near zero), kid in college doing FAFSA so cash on hand is bad. But will need cash to pay for part of tuition bill possibly, but may also need cash for expenses. Have no mortgage.
Thinking HELOC is the way to go, was going to wait till I need cash to apply (to use the low intro rate as much as possible) keep cash on hand to minimum. Although once we do FAFSA app, the cash on hand wont matter till next oct - jan time frame when we play this game again.
Downside's of a HELOC? other way to get a $10k to maybe $20k loan thats better than a HELOC?
Hmmm (I have 1/3 of my 401k in an income fund right (closest to cash I could do) now maybe taking $10k out in a 401k loan then I am paying myself (not sure the interest rate, but thinking its higher than what the income fund will make (about 1-2%) I bet that has lower to no fees vs a HELOC. Now I cant draw more as needed like the HELOC, but the HELOC would still be on the table if I needed more. (changed subject line) Guess I need to look into terms of a 401k loan. how long are they etc.
Just Triing
Triathlete since 9:56:39 AM EST Aug 20, 2006.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.
Situation have Cash(soon(Dec - Jan ish) a kitchen remodel will drain to near zero), kid in college doing FAFSA so cash on hand is bad. But will need cash to pay for part of tuition bill possibly, but may also need cash for expenses. Have no mortgage.
Thinking HELOC is the way to go, was going to wait till I need cash to apply (to use the low intro rate as much as possible) keep cash on hand to minimum. Although once we do FAFSA app, the cash on hand wont matter till next oct - jan time frame when we play this game again.
Downside's of a HELOC? other way to get a $10k to maybe $20k loan thats better than a HELOC?
Hmmm (I have 1/3 of my 401k in an income fund right (closest to cash I could do) now maybe taking $10k out in a 401k loan then I am paying myself (not sure the interest rate, but thinking its higher than what the income fund will make (about 1-2%) I bet that has lower to no fees vs a HELOC. Now I cant draw more as needed like the HELOC, but the HELOC would still be on the table if I needed more. (changed subject line) Guess I need to look into terms of a 401k loan. how long are they etc.
Just Triing
Triathlete since 9:56:39 AM EST Aug 20, 2006.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.