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.
