Asked by Barbara  |  Submitted November 02, 2016

Is it a good idea to borrow money for home improvements so that I can refinance my mortgage?

I only have one credit card but it is almost maxed out.

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  Answers  |  1

November 02, 2016

You can also refinance AND get the money to do the repairs and upgrades all in one loan. It is called a refi-reno. There is an FHA version and a conventional version. The appraised value of your home is based on the "after-improved" value. You must have a bid to complete the work by a licensed contractor. If you are dealing with renovations that encompass multiple trades you will need a General Contractor.

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