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I did need to clarify the house remodel. A lot of it is in disrepair. Broken tile, siding falling off, the roof shingles looks like a crocodile ate them, broken drywall in the garage, etc. It is not causing any immediate issues, but it will need attention at some point.
Thanks for your time and help.
That changes things.
I would probably call out a roofer and have the roof inspected. You need to know if the roof issue is purely cosmetic or if you're in danger of leaks causing more damage. I'd repair the roof, at least. Maybe replace it but that would depend on cost. Ditto for siding: you need to know what is cosmetic and what could be the source for damage to your asset.
How old is your water heater? I'd probably look at low-cost maintenance such as replacing the sacrificial anode rod right away.
I would probably call out a roofer and have the roof inspected. You need to know if the roof issue is purely cosmetic or if you're in danger of leaks causing more damage. I'd repair the roof, at least. Maybe replace it but that would depend on cost. Ditto for siding: you need to know what is cosmetic and what could be the source for damage to your asset.
How old is your water heater? I'd probably look at low-cost maintenance such as replacing the sacrificial anode rod right away.
Another popular strategy is to pay twice per month. Let's say your monthly mortgage is $1000 and is due on the 30th of the month. So, pay half ($500) on the 15th of the month and another $500 on the 30th. This also has a significant impact on the total interest dollars paid over the life of the loan, and you'll pay off the loan much more quickly.
What they describe actually doesn't do a thing. Mortgage interest is simple it's not calculated on a daily basis like a HELOC is.
You're throwing away money by not refi'ing. I'm not going to crunch numbers but I'd bet you can drop your rate at least 1.25% by going down to a 15 year mortgage.
Pay off the second mortage and if additional monies are needed to remodel then get another advance ,but only
at 4%. Banks like to give out loans like candy but will charge you at prime rate which as we enter a inflationary
2017 you may want to hold off on repairs. If you have the money to remodel pay down half the 2nd mortage and
piece meal there modelling over time ? We did that and glad we did.
It was that way when I bought it. The home was built in 1978 and I bought it in 2005. Used house.
If you bought a decade ago you haven't taken care of it. I'm not sure why you are trying to argue it away but it seems pretty obvious you haven't maintained the house and now you are discussing pouring your savings into it?
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