What is the smartest way to finance a rennovation on a house?

by historic.brussels

Question by JoeB: What is the smartest way to finance a rennovation on a house?

I'm looking to do some major rennovations on my house and figuring out the best way to finance it has been racking my brain. I just can't figure out the pros & cons between refinancing, 2nd mortgages, home equity line of credits, etc.

A little background on the house, It is located in North NJ in a very high demand area. I bought the house over 6 years ago for 5k, it's currently valued around 0k. Our current Mortgage is around 5k. I estimate my renovation to cost around 0k-0k. We plan to be in this house for a long time. We're looking to add a 2 car garage, extending the living room, redoing the kitchen and adding a master bedroom.

any advice on what direction I should head in and pifalls to look out for would be greatly appreciated.




Best answer:

Answer by mortgage help
HELOC calculator, http://www.choicefinance.net/calculators/should-i-use-heloc.php

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