I'm planning a good size renovation, around $50,000.My house is paid for,it appraised around 250-300k. It's not fancy, but everything is expensive. Am I better off getting a loan from my bank or a mortgage lender company? I'm new to this,any advice is appreciated.

Get a Home Equity Loan from your bank. With a Home Equity Loan the loan is already paid in the event you must sell your home - and in theory you are just paying interest on your own money.

You usually only pay interest on the money you’re using with HELOC. Might help if you’re not charged a bunch of fees to set it up.

Credit Union will likely have the lowest rates.

We used a HELOC on our old paid off house to have a big down payment on the new place. It was the easiest and cheapest option for us

We used a HELOC to buy our new/used vehicle, and remodel kitchen. Lowest rate at our credit union and it just adjusted down 1.25 percent. It is also still a tax deduction.

Once a house is paid for keep it that way. Do you really need the addition?

This^

You better have a ton of deductions or it won't help taxes. Tax laws have changed with the increase in standardized deductions. You only count the interest not the full amount. ONLY bad thing about a heloc on a paid off house is if something happens to you physically. If you lose your income then they can't take your house. But how long can you survive there with out some income.

I'd say go for it! Upgrading your home is rarely a bad investment. Especially if you're only talking 50 grand. If you buckle down and go after it aggressively you can pay that off in a short time.

This is usually correct, but shop around, and as someone else mentioned look at ALL the fees. Many sharks add redundant fees, such as a "loan origination fee", on top of points, that is just basically a commission for whoever suckered you into the loan.

This is what I keep coming back to even though a home equity line of credit to finance farm project that should generate some cash flow and make our life's more convenient as well.

But with having MS and how I feel varies day to day im not comfortable having payments since my income potential may drop at any time.

If the renovation’s will help you as you age, reduce heating and cooling, or a roof, siding, or windows, go for it, I’d personally avoid a bank but I just went through a bad situation with one.

With a home equity loan you borrow money from yourself against your home and since its your mortgage that you are paying taxes on the % rate is deductible at the end of the year so it costs less than borrowing from a bank or a credit union loan.

Everyone should have a home equity loan if only for the fact to have say have $100,000 available credit to spend, just sitting there without using it, really helps your credit score.

This is what I keep coming back to even though a home equity line of credit to finance farm project that should generate some cash flow and make our life's more convenient as well.

But with having MS and how I feel varies day to day im not comfortable having payments since my income potential may drop at any time.

Looking at a HELOC myself to buy a renovation project for my retirement home. I can buy it pay off the HELOC while I reno the new place. Then be able to use it on the weekends etc and move when I retire in 5-8 years