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has anyone refinanced at a lower rate to assist in a remodel?
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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has anyone refinanced at a lower rate to assist in a remodel?
is this even possible?
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Posted 3/19/16 4:40 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ChilisWife
God Bless America
Member since 5/05 3572 total posts
Name:
A.K.
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Re: has anyone refinanced at a lower rate to assist in a remodel?
Yes we did. But your house has to be worth a certain percentage more than your new loan amount to be able to get cash back.
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| Posted 3/19/16 5:33 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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has anyone refinanced at a lower rate to assist in a remodel?
Chili is correct. You have to owe less than 80% of what your house is worth. We needed to do major renovations because the house was literally starting to fall apart, i.e. roof peeling, garage leaking, windows falling apart....we couldn't even get a HELOC because we owed more than 80% of what the house was worth.
We ended up doing the renovations by having to save some money, getting a construction loan through our contractor and some CC's for things like sheetrock and decking.
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| Posted 3/20/16 9:39 PM |
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