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Message
re: Home Addition Financial Question
Posted on 4/17/18 at 1:10 pm to HamCandy
Posted on 4/17/18 at 1:10 pm to HamCandy
I just opened a HELOC and the rate right now is 5%....that rate will fluctuate with the market.
House appraised for 360,000.
Payoff on house is 276,000.
They gave us a line of credit up to 89% of value, so...
360,000 x 89% = 320,400
320,400 - 276,000 = 44,400 available to us to spend however we please. Have to pay AT LEAST the interest every month. Period is 10 years from date of inception. So...if I were to use 20,000 in 5 years, I've only got the 5 additional years to pay that back. Full balance is due at the expiration of the initial 10 years.
We are also planning right now to finish a bonus room/5th bedroom. I have no idea how much it will cost, but we aren't in a huge hurry, and we are planning on doing a lot on our own and not using the line of credit.
House appraised for 360,000.
Payoff on house is 276,000.
They gave us a line of credit up to 89% of value, so...
360,000 x 89% = 320,400
320,400 - 276,000 = 44,400 available to us to spend however we please. Have to pay AT LEAST the interest every month. Period is 10 years from date of inception. So...if I were to use 20,000 in 5 years, I've only got the 5 additional years to pay that back. Full balance is due at the expiration of the initial 10 years.
We are also planning right now to finish a bonus room/5th bedroom. I have no idea how much it will cost, but we aren't in a huge hurry, and we are planning on doing a lot on our own and not using the line of credit.
This post was edited on 4/17/18 at 1:12 pm
2
Posted on 4/17/18 at 1:16 pm to AUjim
quote:
Have to pay AT LEAST the interest every month.
Do you pay the interest on the entire amount or do they distinguish your total allowable credit from what you actually used?
Posted on 4/17/18 at 4:20 pm to AUjim
quote:
I just opened a HELOC and the rate right now is 5%....that rate will fluctuate with the market.
quote:
They gave us a line of credit up to 89% of value, so...
What Bank?
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