Take out equity loan using our current mortgage
Posted: Mon Feb 23, 2015 7:23 am
Hello,
I have been doing a lot of thinking and was wondering if there would be a way to refinance for one amount giving me enough to pay off current mortgage and have extra to pay out to have room additions to my home. Would there be a way to get a loan for around $100,000 or so? My current payoff is around $69,000 for my home. The additional $30,000 or so would be used to add on to my house. Would there be a way for that to happen? Or what is the process?
To add on to my home would be anywhere from $20,000 to $28,000 depending on what I want done. With the current interest rate of 4.25% on 100,0000 at 30 year fixed, I could possibly afford that even when taxes and insurance are factored in too. My wife has cancer and the medical debt is rather large and I am doing the best that I can. My wife needs a better home due to her current health and having cancer. I need to be able to add on to my existing home to give me the space so that I can better care for my wife and give my kids more space too. Any direction you could give me would be greatly appreciated. I reside in the state of Indiana.
I have been doing a lot of thinking and was wondering if there would be a way to refinance for one amount giving me enough to pay off current mortgage and have extra to pay out to have room additions to my home. Would there be a way to get a loan for around $100,000 or so? My current payoff is around $69,000 for my home. The additional $30,000 or so would be used to add on to my house. Would there be a way for that to happen? Or what is the process?
To add on to my home would be anywhere from $20,000 to $28,000 depending on what I want done. With the current interest rate of 4.25% on 100,0000 at 30 year fixed, I could possibly afford that even when taxes and insurance are factored in too. My wife has cancer and the medical debt is rather large and I am doing the best that I can. My wife needs a better home due to her current health and having cancer. I need to be able to add on to my existing home to give me the space so that I can better care for my wife and give my kids more space too. Any direction you could give me would be greatly appreciated. I reside in the state of Indiana.