We are in the process of finalizing plans to remodel our kitchen. We're wondering if we should take out a personal loan or use some of the funds in our CD for the remodeling work?

ANSWER

Expert Mark Anderson's Answer:

 I would suggest that you use the option with the lowest cost.   If you can get your money out of your CD with no fee, then I would suggest that option.    If there is a fee, then I would compare the fee with cost of the loan.   The loans costs would be the closing costs and interest you will pay over the loan.  I hope this answers your question. 

Mark Anderson, JD

Montana

21 yrs experience

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