I am 20 with a new credit score. I would like to renovate my house, but I am not on the mortgage, because I choose not to be yet. Should I get on the mortgage deed, and then ask to refinance? I want to pay off some of my husbands bills. What should I do? I don't want to pay a hefty amount a month. Our mortgage is $95,423 left to pay and 866.43 a month. How much should I try to get to renovate and build?
2006-11-08 15:18:16 · 3 answers · asked by fourcheeks4 5 in Business & Finance ➔ Renting & Real Estate
1. First of all, who is on the mortgage/who pays the mortgage? Your husband?
Are you on title?
Assuming your husband is on the mortgage, you should be able to refinance and have you added to the new loan.
2. Paying off debt and home-improvement are common reasons to refinance. How much is your home worth? You need to determine if you have enough equity to get cash out with.
3. Be sure to remember that your monthly mortgage payment will rise if you take cash out - however, if it pays off high interest debt, this may be a good idea.
Hard to be more accurate with the limited info you have provided, I can be reached below if you have more questions.
2006-11-08 15:50:28 · answer #1 · answered by robert_byrne 2 · 0⤊ 0⤋
You need to figure out what your current debt is costing you. If your interest rate is high on your mortgage, you may be able to take out the money and lower your current payments. If his bills are high interest credit card or personal loans, you will be saving lots of money in interest payments by refinancing. At todays interest rates $95,000 would equal a payment around $600(Assuming you Qualify).Every $10,000 you take out will increase that amount by about $60 per month. If you take the money saved on the bills and apply it to the mortgage you can still cut years out of paying the loan.
This all depends aon your future goals as well. If this is the dream home that you plan to grow your family in, then you need to focus on paying it off as soon as possible. This means not refinancing unless you can lower the interest rate or the term of the loan. If this house is one you will sell in a few years to buy another, take out the money and fix the place and pay the bills.
If you have any more questions, or want a free quote, feel free to ask ronaldj73@hotmail.com
2006-11-08 18:07:22 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
at age 20 you won't get a loan like that.
even if your name is on the deed.
husband has to sign ect.
you are better off saving what you can without borrowing any money which eats up interest/ save for 6 months and pay off some bills or pay on small home projects...
do not borrow money at age 20 and you paying 900 a month now.
and then something happens and downhill from there.
if you can't' save 1000 a month you sure can't borrow now.
2006-11-08 15:26:59 · answer #3 · answered by cork 7 · 0⤊ 0⤋