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Last Updated
02/23/15 08:40 PM

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Refinance for RemodelingRefinance for Remodeling

Refinance for Remodeling

Are you looking to refinance your home for some home remodeling? If so, it is easy to do and there are many home refinance options; using the equity in your home for a refinance for remodeling is also a good idea as it is tax deductible. So, how do you begin?

Once you and your contractor have determined the amount of money for your home remodel, call your trusted loan officer, or lender, to determine which loan option is best for you. If your existing first mortgage is higher than the going rate, you may wish to refinance your first mortgage and draw out extra cash to pay for your home remodeling. If your current first is at a good interest rate already, you may wish to look at other options for the cash needed.

Rates are at Historic Lows - Refinance Today
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Two good options are:
 
  • A home equity line of credit—this is an equity line of credit that you can put as a 2nd instead of refinancing your first for your remodeling. The benefits of a home equity line of credit are that you only pay interest on the amount you draw out, you can pay down and borrow against your home equity line as needed, and you can usually get one for little or no cost. The downside is that the interest rate is variable so it may go up.
     
  • A home equity loan is also a good alternative for refinancing your first for remodeling as you can also get one for little or no cost. However, as a 2nd trust deed, the interest rate will be at a higher rate than a first mortgage. The difference between the home equity line of credit and the home equity loan is that the home equity loan is fully amortized, a 30 years due in 15 years, at a fixed rate of interest.

The options are there to refinance for your remodeling.

 

Newly Added Home Related Content Pages - Updated Monday February 23, 2015

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