Hello, We are first time remodelers and did not fully realize how expensive it can be. We need advice on how to get $30-40,000 more. We have excellent credit, and good, steady income.
First mortgage is 47,000 @ 6.25%, 15 yr w/7 yrs left. Second mortgage, which we just took out in February of this year for the remodeling is 121,000 @6.25, 15 yr. What our loan company suggested was taking out a H.E. line of credit for 80,000 and pay off the first mortgage with that. An online mortgage service suggested consolidating with cash out. We are looking for unbiased advice about what is the best strategy. We intend on living here for 4-5 years more. Our current home value is about 430,000. T
Tags: Cash, midst, mortgages, remodel