Anonymous
09/09/2013 07:47
Subject: Best way to finance a home improvement project?
OP here. We would consider all options right now. We refinanced a couple of years ago, our rate is 3.75 and we have a 20-year loan.
Anonymous
09/08/2013 21:02
Subject: Best way to finance a home improvement project?
Are you only thinking of an equity loan or pulling out of investments or are you open to other forms of financing (traditional, personal/construction loan that gets wrapped into a refinance)?
Anonymous
09/08/2013 20:49
Subject: Best way to finance a home improvement project?
It depends on the lender. Most big banks require you to maintain 20% equity. A lender that allows 95% or sometimes even 100% LTV means that you need to maintain only 5% or 0% equity (combination of both loans).
Anonymous
09/08/2013 20:07
Subject: Best way to finance a home improvement project?
How much can you typically borrow with a HE loan? I assume it's a percentage?
Anonymous
09/08/2013 20:05
Subject: Best way to finance a home improvement project?
You probably won't be able to borrow 100k on a home equity loan if you have only 120k in equity.
Anonymous
09/08/2013 17:26
Subject: Best way to finance a home improvement project?
DH and I are in our early 40's. We have about 500K in investments (401Ks, savings and IRAs) and about 120K in home equity, both have excellent credit scores. I have been a SAHM for eight years, but am now returning to work.
We want to add a home addition that will cost approximately 100K. We would like to do this as soon as possible.
How should we finance this - home equity loan or pulling cash from investments/savings?
We want to add a home addition that will cost approximately 100K. We would like to do this as soon as possible.
How should we finance this - home equity loan or pulling cash from investments/savings?