Our numbers were similar to yours. My biggest fear was an unexpected cost soaking up the cash we had set aside for the project. So, I maxxed out our property for a home equity loan but had about 50% of the loan value in pre-exisitng cash. After the project was done, I used all left-over cash to pay down the loan (less than half due to some cost overruns/additional expenses). The loan was 4 months old when I paid it down, so the additional interest was not significant.

Anonymous wrote:

Anonymous wrote:Refinanced our mortgage to pull out cash but this was 10+ years ago when rates were low

Same

We used some cash and refinanced from a 20 to a 15 year loan with a lower interest rate and pulled some cash out. DH was adamant that he didn’t want to pay the bank anymore. Looking back we should have pulled out more cash from the loan since interest was so low.

We did about half cash, and half a home equity loan. We used a credit union for the home equity loan—my husband still had an account at the credit union from an old govt job and they had the lowest rate.