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Updated almost 12 years ago on . Most recent reply

Brandon Eleazer's profile image
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Brandon Eleazer
  • Real Estate Agent
  • from Philadelphia, Pennsylvania
  • Member since Nov 4, 2010
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Brandon Eleazer's profile image
Brandon Eleazer's profile image
Brandon Eleazer
  • Real Estate Agent
  • from Philadelphia, Pennsylvania
  • Member since Nov 4, 2010
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Brandon Eleazer
  • Real Estate Agent
  • Philadelphia, PA
23
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166
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Private Lending & Conventional Mortgage Advice

Does anyone recommend Share Loans?

Brandon Eleazer
  • Real Estate Agent
  • Philadelphia, PA
Posted

My credit union is offering share loans at a fixed 5.00% up to 10 years. They advertise this type of loan to build credit, but at the low interest rate it seems like it may be a good idea to borrow against my own money. Anyone have experience with these types of loans?

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Sam W.'s profile image
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Sam W.
  • Investor
  • from Northeast, Ohio
  • Member since Jul 10, 2012
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Sam W.
  • Investor
  • from Northeast, Ohio
  • Member since Jul 10, 2012
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Sam W.
  • Investor
  • Northeast, OH
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Sam W.
  • Investor
  • Northeast, OH
Replied

Brandon,

Why not just use the $15K in your share account to pay for the repairs and pay yourself back when you refinance? Same effect and you save yourself the 6 months worth of interest charges.

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