HELOC or refinance?

Hello, I have $275K in equity on a $650K home and am looking to add an addition so my mother can move in with us.

Which do you recommend, a second mortgage or a complete refi? I expect to be able to pay off cost of the addition within 3 years.

And, is there someone you can recommend for the HELOC option?

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3 Answers

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Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
thanks for the questions ...there are many questions to ask before giving accurate reply :

1) what amount is needed for the addition?
2) what are the terms on present 1st mortgage ? ( rate? balance ? type of loan ?)
3) how long do you intend to remain in home ?


thanks and let us know ...
| 01.07.15 @ 21:43
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 20:31
J
Answered by Jenna
Thank you, David!

I estimate we'll need $30-$50K
Our current loan is 3.5%; balance is 370K. This is a 30-year fixed loan, we have about 27 yrs remaining.
We hope to stay in the home another 8-10 years.

I appreciate the input! | 01.14.15 @ 01:36
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 20:31
Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
A heloc ( home equity line of credit ) is perfect for this need | 01.14.15 @ 02:19
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 20:31
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