Should I re-finance to help remdodel my home?
avatar78 asked:
We have a home that we want to do a little remodeling on. The cost to remodel is too much to do out of pocket. Would it be worth refinancing our home loan to get the 4-5,000 dollars we need to do it? Is it bad to refinance?
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We have a home that we want to do a little remodeling on. The cost to remodel is too much to do out of pocket. Would it be worth refinancing our home loan to get the 4-5,000 dollars we need to do it? Is it bad to refinance?
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January 28th, 2010 at 9:52 am
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Maybe … this is a normal home equity loan.
January 30th, 2010 at 5:58 pm
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I think its alright as long as you can afford your new payment. Might be a good idea and maybe the value of your home will go up
January 31st, 2010 at 2:20 am
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It’s a fantastic idea, just make sure your home value will increase over the next few years to support the new debt.
February 2nd, 2010 at 5:12 am
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bad idea to refinance a first loan for such little cash out. closing cost should be around the 4-5 k mark. (depending on loan size). A second loan for free (some lenders most banks) seems like a good idea
February 4th, 2010 at 2:30 pm
Create a video blog
email me and I can help you out.
I have a fixed rate equity line and it has no closing costs
Thanks, David
P.S. I work for a National Lender
February 5th, 2010 at 8:42 pm
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Its not bad to refinance at all. That’s what people typically do to pay for those big home improvement jobs.
You can check your equity in your current home here.
Then get some free refinance or home equity loan quotes from local lenders in your area.