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Old 09-08-2012, 11:47 AM
 
60 posts, read 112,712 times
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Hello all, here is our situation:

Own SFH in Sterling, VA, assessed by County at $417K. Current 30 year-fixed mortgage has remaining balance of $262K. We would like to refi our current 30-year mortgage and add in the cost of a major renovation to our home's addition (which we estimate at costing between $50-60K). This would make the new mortage roughly $320K.

Is this possible? Is this the best way to finance this renovation? Are there better ways of accomplishing this from a financial standpoint? Thanks for all of your suggestions.
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