- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
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 7:06 am to Odinson
Will that be tied into my monthly mortgage?
Posted on 11/11/14 at 8:40 am to heypaul
It goes as a second mortgage on your house. When I did mine the bank allowed me to have a credit of up to 90% of the appraised value minus what I owed on my mortgage. I did it through my bank so it showed up in my online account as a separate account that I could transfer the money in to my checking account. You only pay interest on what you use. If you pay it off, it will just sit there until you need to use it again. Monthly minimums have been around $150 plus interest.
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 9:29 am to LSUFanHouston
quote:
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.
Posted on 11/11/14 at 11:00 am to WPBTiger
No my mortgage has changed hands about five or six times.
We are not millionaires but we have good credit and we always tried to be smart with our money.
We are not millionaires but we have good credit and we always tried to be smart with our money.
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 12:58 pm to Will Cover
What is tier 1 credit?
Posted on 11/11/14 at 1:09 pm to BZ853
quote:
What is tier 1 credit?
Each bank differs with their requirements, but generally speaking 740+ fico
Posted on 11/11/14 at 1:09 pm to BZ853
must have Tier 1 credit for lowest rate.
You're gonna need to figure that out all on your own.
quote:
What is tier 1 credit?
You're gonna need to figure that out all on your own.
Posted on 11/11/14 at 1:30 pm to Will Cover
My mortgage rate is lower than that.
Posted on 11/11/14 at 2:42 pm to GeeOH
quote:
You're gonna need to figure that out all on your own.
Can't learn if you don't ask questions. Plus I get the higher score lower rate. I was looking more for a benchmark.
Posted on 11/11/14 at 2:49 pm to heypaul
quote:
My mortgage rate is lower than that.
Mine is too. I have 2.875 % on a 15 year loan.
However, an unsecured loan rate of 6 % or below is phenomenal.
Posted on 11/11/14 at 3:12 pm to heypaul
I would get a credit card that did no interest for 18 months
Posted on 11/11/14 at 3:24 pm to yellowfin
quote:
I would get a credit card that did no interest for 18 months
This is where I was headed, I'd like to hear the 6 or 7 projects he's going to knock out for 10k
Posted on 11/11/14 at 4:05 pm to ItNeverRains
quote:
This is where I was headed, I'd like to hear the 6 or 7 projects he's going to knock out for 10k
Might not even be 10k?
New roof.
Blown insulation.
Our central air just went out!
I have to get a new front door.
New carpet in one room.
(The only room with carpet)
Replace about a dozen or so tiles in our kitchen floor.
Add two cabinets on top and bottom on the other side of our stove.
Finish (Sheetrock & paint) our little washroom/storage room.
That's about it....
Posted on 11/11/14 at 4:08 pm to heypaul
Isn't a new roof 10k by itself?
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News