Swimming Pool

Hey Taylor.. you can do either a cash out refinance or apply for a home equity line of credit.. either one will accomplish your goals. However, with the line of credit, you apply once, and have access to your equity anytime you want.. I would suggest a First Lien Home Equity Line of Credit. I'm here locally in Scottsdale. WilliamAcres.com

Taylor, you can do a cash out refinance up to 85% of the value of your home. If your home is worth $225,000 then you can borrow $191,250. When you look at doing a new first mortgage or a line of credit like William suggested look at what type of loan you currently have and at what interest rate. Fixed rates are still very low and this may be the best loan for you. A line of credit works like an adjustable rate mortgage (ARM) in regards to your interest rate not being fixed, it will fluctuate with the market. If you have any addtional questions feel free to contact me.

Taylor,Depending on your current rate, it may or may not make sence to refinance your current loan. My goal is to save you as much money as I possibly can, so it maybe better to look at Home Equity Line of Credit. This is a 2nd mortgage that will not affect your first mortgage.David Kester 602-628-6500 dkester@thelendingco.com WWW.TrustYourLO.com

Most of the above answers are correct, in some way. The real question is which is the best solution for your particular needs. My advice is to work with a local Mortgage Banker/Broker. Only by fully understanding you short and long term goals/plans and the details of your current loan can a we properly guide you. It may be the best course of action is to Refinance your current loan into a new one at today's rates while pulling out the equity you need for the pool. It may be better to leave it alone and go with an equity line or equity loan for the pool. This forum is a great place to start the process, but you really should work with an originator who can offer guidance based on your unique situation. I'm in Chandler (Ray & the 101) and would be happy to help. 480-889-9000

If I were you, I wouldn't diminish my home equity position to have a pool installed. Please think this thoroughly through before proceeding with this "bargain," which in addition to a higher mortgage payment, will cost you around $200 a month with higher utility bills and maintenance. ... Good luck. ... Happy funding, Rudi