What's the best way to finance some home remodeling into a refinance?

If your current rate is over 5% on your existing first mortgage, your best bet may be to do a new refinance with cash out. We can borrow you up to 80% of your current appraised value (with qualifying income & credit) to pay off your existing loan and obtain cash out for remodeling. I also have a contact that does Home Equity Line of Credit's in Oklahoma if 80% of your appraised value wouldn't be enough to cover your remodel costs. You can reach me at 918.895.4500.Thank you! Nick Utesch; Progressive Financial Services Corp.

Tony, you could refinance and take cash out what type of loan do you have? if conventional then it's a straight cash out and you hire and manage contractore, if you have an FHA loan you can do a 203k refinance or you can obtain a Home Equity loan to have availablity to cash to do your improvrmrnts do this if you have a good rate now and know you can pay it off, otherwise if you can better your exising rate a refinance would be your best option. I'm availability at ballen@accessnational.com or 888-354-3299

You have two good options. You can do a standard CASH-OUT refinance of your current mortgage up to 85% of the CURRENT appraised value. But I would suggest not going over 80% because then you would also add mortgage insurance. This I consider a great long-term solution to pay it off. The second option is to leave your existing 1st mortgage alone, and take out a home equity loan. I only consider this a viable option if you plan on paying off the equity loan quickly. Say, 4-years or less. Contact a local licensed Loan Officer, give them a full application, and let them run the numbers for both options. Then you decide which one makes the most sense for you. HARP-refinance-mn.com

You have several options in regards to financing a home improvement project based on your situation. It really comes down to how long you really want to pay on the home remodeling expenses. If you're okay with financing over 30 years, there are several refinance options available as others have referenced. If you want to pay off quicker based on the savings you are stashing away monthly, you might opt for a home equity loan or home equity line of credit. Good luck with the remodel.

You did not say what your home is worth Take the balance of your current loan, add the amount of cash you need/want for the improvements and divide that answer by what you home is worth. If the new LTV is less than 70 percent, you would qualify for the best possible rates on a conventional loan. Once you increase your LTV above 70%, lender pricing adjustments will begin to increase your closing costs or interest rate. Once you hit 80%, you are then looking at Mortgage Insurance as well. My advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

I would recommend you talk to your bank about a "construction loan" which will advance funds to you as the work is finished. You DO NOT want to pay the contractor all the money up front. They should be good with periodic "draws." Once you have your total cost, do the refinance. Shop for the best rate comparing 30 year loans and 15 year loans.If you opt for the 30 year loan (which is what I would do) then sign up for a bi-weekly payment. This will cut the 30 year loan to about 21 and if you add $25 to $50 per payment you could cut it to a 15 or 18 year payoff. 1/2 of your mortgage payment every 2 weeks is great for budgeting purposes.Check out an example of bi-weekly payments at http://www.end2mortgage.comWayne BarnesBroker AssociateColdwell Banker Select918-645-1470