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Jacquelina
LIF Adolescent
Member since 10/11 767 total posts
Name:
Jacqueline
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Extension
For those that added an extension to your house, whether back or up, just curious, did you pay the costs cash, or did you refi or take out a home equity loan?
I am not sure we could ever save the money needed to extend the back of our house - it may make more sense to sell and move, but I am curious to know how others have paid for it.
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Posted 3/9/17 3:32 PM  |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Extension
We were able to do a partial construction loan through our contractor, some cash and some on our CC's that we paid off once we finished the extension and had the house reappraised for a new HELOC.
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| Posted 3/9/17 3:44 PM |
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soontobemommy
LIF Adolescent
Member since 1/07 540 total posts
Name:
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Re: Extension
we did a heloc and then reappraised post-construction and did a cash out refi
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| Posted 3/9/17 6:14 PM |
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Jacquelina
LIF Adolescent
Member since 10/11 767 total posts
Name:
Jacqueline
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Re: Extension
Posted by soontobemommy
we did a heloc and then reappraised post-construction and did a cash out refi
would you mind sharing how this works using general numbers? lol
Lets say I purchase my house for 400K and we currently have 320K left on the loan...
I understand what a home equity loan is, but what is cash out refi? I assume you used the cash out to repay the loan? The entire thing?
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| Posted 3/10/17 9:38 AM |
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soontobemommy
LIF Adolescent
Member since 1/07 540 total posts
Name:
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Re: Extension
Using general numbers, let's say our house was worth 500K before the renovation and we owed 300K, then we renovated and it was worth $750K and we spent 200K to renovate. We did a refi for a mortgage of $500K, used $300k to pay off the first mortgage and then had $200K cash to use to pay off the heloc for the renovation. Does that make sense?
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| Posted 3/16/17 2:11 PM |
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