Werewolfdad t1_iufmi74 wrote on October 30, 2022 at 11:20 PM

Reply to comment by hunybunnn in Loan against my savings? by [deleted]

If you default you'll be subject to income taxes and a 10% penalty, which is way more than 8% interest.

If you have no mortgage, you should be able to find a heloc at prime minus, unless your credit is poor

hunybunnn t1_iufoaze wrote on October 30, 2022 at 11:33 PM

My credit is excellent. What about the points and charges in borrowing 30K? Is it wiser to take out the HELOC or just pull the $$ out and re-invest/replenish that amount over the next 15 months? The Transamerica guy make the "loan from myself" sound pretty decent because he said all the interest goes back to my account.

Werewolfdad t1_iufqyan wrote on October 30, 2022 at 11:53 PM

> What about the points and charges in borrowing 30K?

Most helocs don't have points or any sort of closing costs (at least any that ive seen).

>Is it wiser to take out the HELOC or just pull the $$ out and re-invest/replenish that amount over the next 15 months?

Heloc, especially if you have excellent credit. May just need a better lender.

> The Transamerica guy make the "loan from myself" sound pretty decent because he said all the interest goes back to my account.

Sure but he also left out the part where if the market turns around, you miss out on all those gains