Question by cara: what is the best way to finance home improvements?
I’m just wondering if we should do a home improvement loan, refinance our mortgage, do a home equity loan, etc.
We are looking at doing siding, some windows, soffits and fascia, etc.
Answer by Swede
If they are major improvements, refinance at a lower interest rate taking enough to cover remodeling expenses. If minor, consider a second mortgage or signature loan.
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Question by boots: Should we wipe out savings or go with home equity line of credit to finance home improvements?
My husband and I are debating how to finance some home improvement projects. He says use savings, I say use a line of credit(repay within two years hopefully) I am afraid if we use savings we will never replace it. He doesn’t want debt. Any opinions?
Answer by Joe C
Neither. Never use all of your savings or borrow money for a luxury expense.
Save up the extra money and pay cash.
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