Home equity loan for remodel, possible to refinance after?

What type of loan do you currently have and rate? The answer to your questions is Yes if your improvements are costing $72K or less? if it is then you can do this the equity loan will use the existing value x 90% - existing mortgage. If your impovements are more you may obtain a construction loan that will use the improved value.If you have a FHA loan you may also do a FHA renovation loan.We can accommodate any situation I can be reached at ballen@accessnational.com or 240-750-8315

Yes, you shoudn't have any trouble refinancing. However, depending on the new value and the amount of the heloc you may see a slight adjustment in rates or closing costs due to the fact it would be considered a cash-out refinace which has a slight pricing premium dependent on loan to value. I hope you find this information helpful. Please contact me with any questions or concerns at adam.webb@firstcharleston.com.

Depending on the dollar amount of renovations that you would like to do, you could potentially get a home equity loan and it would be in the 2nd lien position. The one caveat to refinancing your existing loan and combining the home equity loan is that your subsequent refinance would be classified as a cash out refinance. You may be penalized in terms of rate and fees. If you are looking to do extensive renovation to your home...you may consider utilizing an FHA 203(k) Renovation Loan which would not require you to consolidate and refinance once home improvements are completed.

A HELOC is the best option for your remodeling project, and once that is done, if you have 30% equity or more, you should look into the Home Ownership Accelerator Loan.. it's a first lien HELOC that's tied into your checking account... you can pay off your mortgage years earlier with no changes to your spending habits.. check with a local mortgage broker, not a bank and see if they offer the HOA... WilliamAcres.com