Hello everyone,
I have a mortgage refi question for you…
We are currently in the process of finishing our basement and will be done within the next few weeks. For everything (actual cost of finishing, furnishing, appliances, etc) we are in about $85K. Our current outstanding mortgage is $353K @2.875% and the home will appraise for ~$700K once the basement is fully finished. We’ve paid for everything up front, but now would like to reimburse ourselves, so we can use the cash for some other investments. With the news that rates will be increasing (which I’m noticing that they already have…), I’ve begun looking into refinancing and home equity loans. From my preliminary pre-quals, the numbers I’ve been given are as followed:
Note, income isn’t an issue for approval, and my credit score is 825.
Thank you!!
I have a mortgage refi question for you…
We are currently in the process of finishing our basement and will be done within the next few weeks. For everything (actual cost of finishing, furnishing, appliances, etc) we are in about $85K. Our current outstanding mortgage is $353K @2.875% and the home will appraise for ~$700K once the basement is fully finished. We’ve paid for everything up front, but now would like to reimburse ourselves, so we can use the cash for some other investments. With the news that rates will be increasing (which I’m noticing that they already have…), I’ve begun looking into refinancing and home equity loans. From my preliminary pre-quals, the numbers I’ve been given are as followed:
- Refinance entire mortgage + $85K = $438K @ 3.5% (due to rates increasing)
- Home Equity Loan - $85K @ between 6% and 6.3% for a 30 year term and then keep my current mortgage rate on the remaining $353K @2.875%
Note, income isn’t an issue for approval, and my credit score is 825.
Thank you!!
