Home improvement financing

By June 20, 2019No Comments

Coming back to you with more information on Cash Out Refinance

This time we are talking about pulling money out of your house

to improve your property

The question becomes, “What’s the best way to do this Scott?”

“Should I do a whole new mortgage, should I do a “refi” or

Should I do a home equity line of credit?”


And here’s the truth, they are both solid options

The way I advice people is this,

If you are going to pay the loan back quickly – the home equity line of credit

is going to be the better way to go


I don’t offer home equity lines of credit, but that’s the better way to go

If you want to do it, reach out to me I know people

But if its short term the home equity line of credit is the way to go

And here is why


There is generally no cost whatsoever, no closing cost to worry about

The payments are super low and affordable

very often it’s interest only, but they are pretty much

always adjustable rate mortgages

And we all know that interest rates go up and down

And getting an adjusted rate mortgage, if it’s a long term debt

Simply doesn’t make sense


So.. Short term, get a home equity line of credit

If its a longer term debt definitely look into refinancing

Now at that part we have got to look at your current interest rate

and a whole lot of factors, but you should consider it


Anywhere in the middle you need a guy like me to sit down

And run the numbers for you

And again always focus on livability versus the spreadsheet method

I know I focus on that, but it’s so critical


Look, that’s what I got for you, short and sweet this time

I’m Scott DiGregorio, Your Mortgage Guy,

Please reach out to me, I’m here to help, take care.


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