Husband has owned his house for 12 years, bought it cheap at at a 4% rate after the bubble burst in 2008 for 220,000 (it was very disgusting at the time) and now owes 140,000. We live in a neighborhood where the houses generally sell for 500,000 in a wealthy part of New England. We have been building up our credit and don’t have much debt between us. Together we make only 75k a year. We need to renovate a lot of things that are falling into disrepair (roof, bathroom, boiler, raised deck, cracked foundation of our garage) and the house is generally outdated. Since we’re married getting my name on the mortgage and lowering our rate is our goal but would like to get a large sum of money to renovate and make our house livable/enjoyable. I’ve read about cash out refinance. Is it realistic to think they’d give us one? We only pay 1200 a month mortgage and couldn’t afford much more? Maybe 1500. I don’t want to take on another bill but I want to keep our house forever so I don’t mind keeping the mortgage for another 30 years.... any advice? We’re going to call our bank tomorrow and ask what they think. I would love advice! Thank you.
Submitted August 16, 2020 at 06:35PM by goodskilletma https://ift.tt/3azrk1V
