I have decided I want a pool. I know they are costly to maintain and don’t increase home value much, but to us its all worth it.
I own two homes, both with FHA loans (loop holes allowed me to get two FHA loan on separate houses when I moved to a new city for work). The one I live (house A) in we bought for $335k and old one (house B) I bought for $80k, house A I put down $60k and while it’s in the hottest and most desirable neighborhood in a fast growing major metropolitan city Zillow says the house value hasn’t changed in the last 4 years since we bought it, But with house B we put almost nothing down, however it’s now worth $155k.
We want to build a $50k pool at house A.
Off the top of my head I can think of a few ways to pay for it.
1) HELOC (home equity line of credit on either house, probably house B)
2) Cash-out refinancing (on home B)
3) Personal Loan or finance through the pool builder (seems like a horrible idea)
If I refinanced out of an FHA loan I could get rid of mortgage insurance but it would have a much higher rate. But not as high of a rate as a HELOC...
I’m a chemist and don’t pretend to know anything about how loans work, but I do know I want a pool and I know that I can afford one, I just don’t know what is the smartest way of paying for one. (I know pools are the smartest thing, but it’s going to happen and now I just want to be smart about making it happen).
Thoughts???
Submitted March 21, 2019 at 09:05AM by RogueZhao https://ift.tt/2TZaiEG
