Hey guys, so i've had my home for about more than a year now. I bought it at 189k and right now zillow and an appraiser I had, have my house valued at 230k.... I am currently going to make some upgrades.. it's an old home, so it needs new windows... and new floors. Landscaping has vastly improved since I moved in and it's next to a street that is really popular in town, yet it is a quiet and less-traveled street. Sorry back to my question, after I make my upgrades and do whatever things I plan to do, would you think it's wise to refinance my home and take the extra cash in hand? The equity i believe it's called, sorry idk the real estate jargon... Since it's appraised at that value perhaps refinance to 230k and use that cash to pay off some things? or am I completely wrong in how this works? Any help would be much appreciated. I'd go to my lender, but they're gonna explain and then sucker me into doing it probably since I have little to no expierence in home owning
Probably need a little more information. What's your current interest rate on your loan and did you put any money down?
Well, that's a good rate and lower than what you could refi for now most likely. The whole thing about paying off other debt with mortgage refis (while it sounds good in theory cause you're paying off something at 3.9% as opposed to 22% on a credit card) is you now stretched it over 30 years. I refied a couple years ago because I was paying 4.4% and I dropped down to 3.8% and cut 5 years off the loan. There are too many variables to really give you a solid answer. I don't know what other things you need to pay off (car, student loans, credit cards) how much, the interest on those and duration. You certainly shouldn't tell me that stuff either as I am just some dude on the internet. Your best bet is talking to a financial planner. I know you're a police officer so I assume you are in some sort of union. Does your union have anyone you can talk to?
That's actually really good, I never thought of that. Now that you mention, I'll def ask the union see if they have anyone that could assist.
