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?
Answers | 3
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 ...
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!