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Old 05-13-2008, 06:17 PM
 
60 posts, read 213,680 times
Reputation: 33

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I have about 22,000 in home equity. I bought my house on the last day of last year. I have this thought of using the home equity in my house to pay for the completion of my basement. I know the completion of my basement could add about 12 -15 dollars worth of value to my basement or even more, I could probably get the job done if I look around with the economy the way it is. Does anybody think it is a bad idea? Would I be able to use that equity or is it to soon? Would using that equity make my monthly payments go up? Somebody help here.
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Old 05-13-2008, 06:31 PM
 
3,735 posts, read 7,727,839 times
Reputation: 1942
Your payments will go up. This is not the time to tap into your equity line.
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Old 05-13-2008, 06:39 PM
 
Location: FL to GA back to FL
894 posts, read 4,220,293 times
Reputation: 441
Even if you have that in equity, the bank will probably only give you 85% of loan to value. Gone are the days that you are able to tap into all your equity.
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Old 05-15-2008, 11:51 AM
 
3,699 posts, read 10,987,967 times
Reputation: 2644
Don't tap in to your equity, especially for such a little amount of money. Just save up over a couple of years and then work on your basement.
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Old 05-15-2008, 12:26 PM
 
Location: Tulsa, OK
5,987 posts, read 11,235,602 times
Reputation: 36723
Regardless of how much the basement will add to the value of your home, it does nothing for you financially until you sell it.
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Old 05-15-2008, 12:52 PM
 
Location: In a chartreuse microbus
3,864 posts, read 6,020,564 times
Reputation: 8106
On one of the financial networks I heard that many folks are having their home equity lines of credit frozen by the lender because the value of their house has decreased in the current market. Imagine being in the middle of a major project, and having your credit frozen.
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