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Cash-out refi, best option for addition to house?
Posted on 11/19/12 at 11:49 am
Posted on 11/19/12 at 11:49 am
We are 2 years into a 15yr on our home. We owe 120k, and house appraised for 160 when we refi'd in 2010. We've always thought we'd wait (save and mostly pay cash) to add on, but with BO reelected and rates so low, I'm thinking it might be time to act now before they start climbing back up in a couple of years. (assuming).
Thinking an addition should run us around 30k. Is this our best option?
TIA
Edit: Current loan is 3.75%, 15yr. Pretty sure rates are even lower now.
Thinking an addition should run us around 30k. Is this our best option?
TIA
Edit: Current loan is 3.75%, 15yr. Pretty sure rates are even lower now.
This post was edited on 11/19/12 at 11:51 am
3
Posted on 11/19/12 at 11:56 am to Venelar
I know it's different strokes for different folks, but I would refi for 30 at 3.5, and do bi weekly or make one extra payment to knock 6 years off. That is exactly what I am doing.
Posted on 11/19/12 at 12:31 pm to Venelar
Max loan-to-value on a cash out refi is 80%. May have to do a line of credit/2nd mtg.
Posted on 11/19/12 at 1:16 pm to Venelar
if you decide to do a refi and take cash out, on the bank side, you'll get hit on the rate because of adjustment due to being a cash out loan, max loan to value will be 85%,that is conventional and fha product.
15 yr term as low as 2.875%
i suggest line of credit
if you have questions, call me 225.291.7901 x 224
15 yr term as low as 2.875%
i suggest line of credit
if you have questions, call me 225.291.7901 x 224
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