gianmarco
Footballguy
Yeah, in this situation, use as much of the liquid money as you can and only touch the HELOC if you can't cover it all. Replenish that savings account as soon as possible (same as you would pay off the HELOC). No brainer.
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How would you pay for this - New Roof (1 Viewer)
- Thread starter belljr
- Start date
wilked
Footballguy
Bell, my suggestion would be to have enough socked away (accessible within a week without paying a penalty) to cover any 'reasonable' emergency. To me that means any one of the following:
-A car engine completely seizing
-A new roof
-A new snowblower in the middle of winter
-A new boiler / HVAC unit
-Loss of job for 3 months
That's a quick list off the top of my head. As I said, you may have real reasons to not be there at the moment but that would be the goal (at least my goal)
-A car engine completely seizing
-A new roof
-A new snowblower in the middle of winter
-A new boiler / HVAC unit
-Loss of job for 3 months
That's a quick list off the top of my head. As I said, you may have real reasons to not be there at the moment but that would be the goal (at least my goal)
wilked
Footballguy
mr roboto
Footballguy
It's made of solid gold.
gianmarco
Footballguy
I'm now in a similar boat where I'm deciding whether to borrow on a current HELOC at 4.25% or use money that has been currently saved for furnishing a new home.
Option 1) Keep the money in our high yield savings for now (0.8%) and use it in the 3-4 months that we'll need it and don't use the HELOC.
Option 2) Take the money in our high yield savings and start investing it now in our current moderate risk allocation (avg 8-9% return) and borrow on the HELOC at 4.25% in a few months.
The HELOC still has 23 yrs left on it and whatever borrowed amount can be paid in full at any time without penalty. We could likely pay it back in less than a year if we wanted or could just leave it given the terms and extended period of time to pay it back.
We're talking a total of roughly ~$50,000 here. I'm leaning toward investing and borrowing at that rate but interested to hear if there are any other thoughts on it.
"Emergency funds" and savings are not an issue here (not to mention the HELOC has a total of $150K available).
Option 1) Keep the money in our high yield savings for now (0.8%) and use it in the 3-4 months that we'll need it and don't use the HELOC.
Option 2) Take the money in our high yield savings and start investing it now in our current moderate risk allocation (avg 8-9% return) and borrow on the HELOC at 4.25% in a few months.
The HELOC still has 23 yrs left on it and whatever borrowed amount can be paid in full at any time without penalty. We could likely pay it back in less than a year if we wanted or could just leave it given the terms and extended period of time to pay it back.
We're talking a total of roughly ~$50,000 here. I'm leaning toward investing and borrowing at that rate but interested to hear if there are any other thoughts on it.
"Emergency funds" and savings are not an issue here (not to mention the HELOC has a total of $150K available).
pantherclub
Footballguy
Getting a new roof this week. I had quotes from $9000-16000. I am going with the $9000. 30 year warranty shingles.
My roofer said I needed to talk to my insurance agent and its possible that since I had a couple leaks and some minor damage that I could get some money for it.
Anyone have any input or advice for going this route? Thanks
My roofer said I needed to talk to my insurance agent and its possible that since I had a couple leaks and some minor damage that I could get some money for it.
Anyone have any input or advice for going this route? Thanks
wilked
Footballguy
Battles
Footballguy
Roofers will almost always tell you to talk to insurance companies. They love them. They usually get paid a higher wage and always get their money from insurance. Slam dunk deal for them. Beats waiting on payment or not getting paid at all from homeowners.
Not that it's necessarily a bad thing, but in this case, they are looking out for their interest more than your's.
Not that it's necessarily a bad thing, but in this case, they are looking out for their interest more than your's.
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