I need to do my roof over and add/redo the attic/sloped ceiling insulation on our 1840 Cape which has an unholy slurry of about 3 inches rock wool, vermiculite and 150yrs of mouse shit.
Efficiency Maine has rebate programs for air sealing and insulation going on now where I could get a $1500 rebate so I want to take advantage of that. Usually I'd do insulating myself, but this is a freakin mess with the sloped part of the cape being only 6-8 inches thick I feel I need to do spray foam. Plus I'd have no help for a project that needs to happen from outside (through the roof before it gets re-shingled).
Never having had one, I am totally unfamiliar with HELOCs. These are the ones I have available to me through my bank where I have my mortgage. It will be easy to get it through since I have my mortgage with them. No physical appraisal is needed and I already spoke with a loan officer and she felt that I'd easily qualify for 15000...the minimum is 10k, which I'm sure will be enough.
Please, check these out and help me figure out what is best.
1. Benefit Home Equity Flex Fixed rate line of credit 3.75%
3 yr advance period, 15 yr repayment period
2. Benefit Home Equity FixedFixed rate line of credit 4.99%
7 yr advance period, 15 yr repayment period
3. Benefit Home Equity VariableVariable rate line of credit 3.25% Prime
10 yr advance period, 15 yr repayment period
*All have a $450 pre-payment fee if terminated in the 1st 36 months.
All have $10000 minimum.
Should be no closing costs.
Here's the Bank link if you want more details:
https://www.bangor.com/About-Us/Rates.aspx#15