You may also do a cash-out refinance, which swaps your present mortgage with a brand new, larger loan so you’ll have the funds to make renovations. Refinancing comes with closing costs and may stretch out the length of your compensation interval, but if you can get a low interest rate, it might be one of the cheaper options. Alternatively, you would get a house equity mortgage, also called a second mortgage, which has a fixed fee, is paid out in a lump sum and repaid over a predetermined period. A home fairness mortgage may be a strong contender to pay …
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