Home Refinancing for Kitchen and Bathroom Remodeling
My mortgage interest rate is 3.750. My FICA score is 731. I have less than $110.00 owed on one of my nine credit cards. Should I refi my home to finance a kitchen addition and bathroom update? My current kitchen is 9 x 10 and the only way to get to it is past the main floor bathroom that has no window and no vent. You can imagine the air in the kitchen during family dinners and parties.
Terry Says
Igh — I’m a fan of HGTV, but not a remodeling expert! However, even I see the need to make a change. Likely you’ll have to do without this “powder room” bathroom. BUT — DO NOT REFI your house to do it! You have a great mortgage, and one of the lowest rates I’ve seen. And I’d be wary of a home equity loan — because the initial rates will be low, but could rise — and you’ll likely think it’s affordable because you’re only paying interest for the first few years. However, you’re so disciplined that this is a much better route than a refi. So just set a challenge for yourself to pay it off within 5 yeares!
