Which HELOC provider do you recommend?
I have $275K in equity on a $650K home and am looking to add an addition so my mother can move in with us.
We plan to stay in the home another 5-8 years.
Answers | 2
2 option you can consider :
1) a simple HELOC ( home equity line of credit ) ..this is a 2nd mortgage and works like a credit card ...use the funds when you want ...pay interest only ( or more ) ...pay down / payoff ...and then you can reuse the line as needed ...great for remodeling project financing
2) do a cash out refinance ...replace the present 1st mortgage with a new higher amount 1st mortgage and access the cash needed this way ...if your terms on present loan are great - this isnt the best option