What is the smartest way to finance a rennovation on a house?
January 24th, 2008 | by admin |JoeB asked:
I’m looking to do some major rennovations on my house and figuring out the best way to finance it has been racking my brain. I just can’t figure out the pros & cons between refinancing, 2nd mortgages, home equity line of credits, etc.
I’m looking to do some major rennovations on my house and figuring out the best way to finance it has been racking my brain. I just can’t figure out the pros & cons between refinancing, 2nd mortgages, home equity line of credits, etc.
A little background on the house, It is located in North NJ in a very high demand area. I bought the house over 6 years ago for $215k, it’s currently valued around $380k. Our current Mortgage is around $175k. I estimate my renovation to cost around $200k-$250k. We plan to be in this house for a long time. We’re looking to add a 2 car garage, extending the living room, redoing the kitchen and adding a master bedroom.
any advice on what direction I should head in and pifalls to look out for would be greatly appreciated.
One Response to “What is the smartest way to finance a rennovation on a house?”
By mortgage help on Jan 27, 2008 | Reply
HELOC calculator,