our home is worth $400K, still have $200K left to pay. could pull equity out for new windows and maybe an addition.
2006-12-21 09:08:06 · 6 answers · asked by dl 1 in Business & Finance ➔ Renting & Real Estate
As a mortgage broker I always try to provide the best unbiased info possible and allow the client to decide what is in their best interest. To me a refinance makes no sense in your case as you are now getting into the heart of your principal reduction stage of your original loan. Have a few bids performed by competent well referred contractors for labor, permits, and materials to cover your entire wish list of upgrading for your home. You can scale back the the project to just the main items should costs become above your desired range. Once you know what you will need I would say obtain an equity line of credit. Do not get a second mortgage / home equity loan. Your local bank or credit union should have a excellent one available but they might attempt to get you to do a 2nd. Refuse that and go with the line of credit. No title work, appraisal, or escrow work and you can use it again later on for phase 2 of your project without re-applying. The amount they approve you for is available during the loan term to reborrow.
2006-12-21 18:29:35 · answer #1 · answered by Kevin H 4 · 0⤊ 0⤋
Do not pull out equity for upgrading your home You usually lose when you do this, as the cost of the upgrade is less than the additional value you will receive. You can do a google search and find statistics for this.
Also, prices are drastically dropping, so you may not have as much equity as you think right now. Thus you may want to save what equity you have for a rainy day and not refi.
2006-12-21 21:08:25 · answer #2 · answered by Chrisusc 2 · 0⤊ 0⤋
Rates are down now so it might be a good time. Check on getting a home equity loan rather than re-fi. Might be a lot cheaper and may not have closing costs. Talk to your banker
2006-12-21 17:14:33 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Hi ,
I think taking into consideration the rates that are now in the market and the future trend analysis i would suggest you to have a refinance .
If you provide me the details of your case along with the state and location etc then i might be able to find you a good lender .Normally , the rates are now in the higher fives and lower sixes .
Provide the case details to kishaloy_bhowmick@yahoo.com
or call at 480.751.4125 ...
regards...
kish
2006-12-22 00:50:31 · answer #4 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
Absolutely, your home is your castle. We partner with many loan officers in many states who can do it all : FHA, manufactured housing, 100%, hard-money, etc.
2006-12-22 14:58:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
sounds like a plan
2006-12-22 13:09:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋