What kind of loan for my situation????
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Need some help, not very knowledgable with different loan types. my family has been in current home for 4 years. Bought for $184,000 I still have 175,000 left on loan at 6% interest rate. I don't know exactly what my credit score is but I know its over 750.
We are looking to expand our family so finishing the 600 square foot basement is a must. Whats the best loan option for me???? Refinance, Home Equity or Home Equity line of credit. I need at least 10,000 to finish the basement as close as I can figure. Would like to stay in the house for another 8 years or so but if none of these are going to work out then I will be selling it for a bigger house. If it helps I have no credit card debt, just the mortgage and 2 car payments. I have student loans as well.
Any advise would be great
What kind of loan for my situation????two options. Either a cash-out Refinance or a Home equity Line of Credit.
Cash-out Refi: You will refi your current mortgage and pull additional money out to pay for your remodel. More costly because of closing costs but you can get great rates today.
HELOC: Generally little or no fees but comes with an adjustable interest rate. Usually tied to "Prime Rate". HELOC rates usually 1-2% higher than a normal mortgage rate.
In your case, I vote for a HELOC because to refi your current mortgage will cost you about 3% of the loan balance. I will ballpark that cost around $5,000 for closing costs. You said you needed about $10,000 to finish the basement. You will pay a higher interest rate on the HELOC but won't be anywhere near expensive as the closing costs of refi'ing your current mortgage.
What kind of loan for my situation????you aren't debt free so i would be nervous about getting another loan. if you're looking to expand your family then you have a few months to work on it so i would pay cash to finish, do the work myself and just take my time finishing it.
What kind of loan for my situation????The home equity line of credit would allow you to spend as needed and have small minimum payments. I would choose that.
What kind of loan for my situation????Work and save hard and pay off all your debts besides the mortgage. Then remortgage for a higher amount.
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