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Message
Home Improvement Loan
Posted on 1/5/15 at 12:15 pm
Posted on 1/5/15 at 12:15 pm
Anybody have any recent experience with these? My wife and I just had a second child and need to add on to our home if we are going to stay (which we would prefer to do).
After meeting with a contractor the cost of the addition would be between 50-60k. We currently have about 25k to put down so we would need to borrow probably another 25k.
We both have good credit scores, stable jobs etc... Is it as easy as going to the bank and saying I need 25k and if so, what are approximate interest rates on these type of loans going for right now?
An online calculator says if I borrow 25k at 3.25% (just a number I made up because it is our current mortgage interest rate) the monthly payment on a 10 year loan would be about $245. Does that sounds somewhat accurate?
After meeting with a contractor the cost of the addition would be between 50-60k. We currently have about 25k to put down so we would need to borrow probably another 25k.
We both have good credit scores, stable jobs etc... Is it as easy as going to the bank and saying I need 25k and if so, what are approximate interest rates on these type of loans going for right now?
An online calculator says if I borrow 25k at 3.25% (just a number I made up because it is our current mortgage interest rate) the monthly payment on a 10 year loan would be about $245. Does that sounds somewhat accurate?
1
Posted on 1/5/15 at 12:17 pm to RandySavage
How much equity do you have in your house?
Posted on 1/5/15 at 12:23 pm to VABuckeye
Probably very little. We bought it when we first got married 5 years ago for 195k and currently owe 165k.
We've put probably 15k worth of improvements into since buying including a fence, a gable over the front door, and just got a brand new roof and gutters.
I have no idea what it would appraise for now though.
We've put probably 15k worth of improvements into since buying including a fence, a gable over the front door, and just got a brand new roof and gutters.
I have no idea what it would appraise for now though.
This post was edited on 1/5/15 at 12:24 pm
Posted on 1/5/15 at 1:06 pm to RandySavage
Before you spend $50k on your house, consider whether the improvements will make it overbuilt/overpriced for the neighborhood.
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