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Real Estate
Reply to "House renov/addition: pay cash? Refi? HELOC?"
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[quote=Anonymous]We are in a similar financial position and did a similarly expensive renovation a few years ago. We did all three. We used $150k of a HELOC, about $100k from a cash out refi (which we recently took down to 15 years) on a loan that was at about 30% of the value of the house, and about $300k in cash. We should have the HELOC paid down in another year or so. We could have paid cash but I didn't want to lose that much of a cushion and our mortgage is so low it made sense to add to the mortgage. Originally planned to roll the HELOC into the mortgage but decided to pay it off instead.[/quote]
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