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Started By
Message
Questions about a home loan or refinancing?
Posted on 11/11/14 at 5:56 am
Posted on 11/11/14 at 5:56 am
I need help, here goes.
We've been in our house for 10 years. We want to do some upgrades, no major add ons or anything, just some things that need to be fixed, repaired and/or updated.
I'm thinking our list of about 6-8 projects can be done for about 10-12k max.
My questions are, what steps do I take from here?
Do I get my house appraised (& by who) then start getting estimates on the handful of projects?
Then go to the bank and tell them how much and what I need the money for?
I'm not sure on the process of something like this. Is it a home refinancing, or more of a home improvement loan? I'm just worried about sounding like a idiot when I go to the bank, so I want to take the right steps. Any advice/suggestions are appreciated.
Thanks
We've been in our house for 10 years. We want to do some upgrades, no major add ons or anything, just some things that need to be fixed, repaired and/or updated.
I'm thinking our list of about 6-8 projects can be done for about 10-12k max.
My questions are, what steps do I take from here?
Do I get my house appraised (& by who) then start getting estimates on the handful of projects?
Then go to the bank and tell them how much and what I need the money for?
I'm not sure on the process of something like this. Is it a home refinancing, or more of a home improvement loan? I'm just worried about sounding like a idiot when I go to the bank, so I want to take the right steps. Any advice/suggestions are appreciated.
Thanks
This post was edited on 11/11/14 at 6:11 am
6
Posted on 11/11/14 at 7:01 am to heypaul
Ask for home equity line of credit.
Posted on 11/11/14 at 8:54 am to heypaul
quote:
heypaul
In a nutshell...it just depends.
What is your current rate? How much longer do you plan on staying in the house?
If you already have a great rate then it doesn't make much sense to refinance and pay all the extra closing costs. If you can knock your interest rate down a good bit then it might be worth it to pay all the closing costs to refinance and get cash out.
A home equity loan or HELOC is a great option if you do not want to touch your primary mortgage. Closing costs are quite low and it would be a payment separate from your mortgage. HELOC's are revolving lines that are generally open for 10 years and a minimum payment must be made monthly, sort of like a credit card but with very low (yet variable) rates. HE loans are fixed payments for a fixed amount of time with a fixed rate.
Do NOT go get an appraisal on your own. The banks will not accept it as they will have to conduct their own.
Posted on 11/11/14 at 8:55 am to heypaul
Go talk to your bank. Is your mortgage at the same bank that you use for checking account?
Just go talk to a loan officer and tell them what you want to do. You may need an appraisal, maybe not. As long as you have enough equity in your house, it should not be a big deal at all.
Just go talk to a loan officer and tell them what you want to do. You may need an appraisal, maybe not. As long as you have enough equity in your house, it should not be a big deal at all.
Posted on 11/11/14 at 8:56 am to heypaul
List the details of your home (rate, payment, term left, balance left, approx value, etc) and you will get alot of good info from the MT board.
This post was edited on 11/11/14 at 9:00 am
Posted on 11/11/14 at 12:38 pm to heypaul
FWIW, La Capitol FCU was offering unsecured loans for 5.9 % interest.
Quicker than home equity loan or home equity line of credit, plus if you default (not implying that you will), won't have to worry about your home being repossessed.
I built my pool this way. Application process was simple, must have Tier 1 credit for lowest rate.
Quicker than home equity loan or home equity line of credit, plus if you default (not implying that you will), won't have to worry about your home being repossessed.
I built my pool this way. Application process was simple, must have Tier 1 credit for lowest rate.
This post was edited on 11/11/14 at 12:40 pm
Posted on 11/11/14 at 3:12 pm to heypaul
I would get a credit card that did no interest for 18 months
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