I%26#039;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%26#039;t figure out the pros %26amp; 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 $215k, it%26#039;s currently valued around $380k. Our current Mortgage is around $175k. I estimate my renovation to cost around $200k-$250k. We plan to be in this house for a long time. We%26#039;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.|||HELOC calculator, http://www.choicefinance.net/calculators...
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