mortagage refinance

[iddaritho]

i need to get my basement done  , i am looking at financing option , i paid close to 50 k in mortagage 

wondering if it is a good idea to refinance or take home equity loan ? 

i dont want touch my 401k ( is there any benefit for a loan from there  )

 

[mybabyboy]

Just now, iddaritho said:

i need to get my basement done  , i am looking at financing option , i paid close to 50 k in mortagage 

wondering if it is a good idea to refinance or take home equity loan ? 

i dont want touch my 401k ( is there any benefit for a loan from there  )

 

LTT....I'm in the same boat

[pandemkodi]

Take equity loan  instead .. if you refinance you will loose all the interest you paid kada

Exitsting apr/rate entha 

[iddaritho]

30 minutes ago, pandemkodi said:

Take equity loan  instead .. if you refinance you will loose all the interest you paid kada

Exitsting apr/rate entha 

3.7 30 yrs no pmi 5 % down 

decent deal but need money for low interest 

 

[mybabyboy]

I started paying loan since April 2019 and I am looking at remodeling my basement...what options do I have regarding the loan?

[pandit]

6 hours ago, iddaritho said:

3.7 30 yrs no pmi 5 % down 

decent deal but need money for low interest 

 

You may not get the same loan terms if you refinance. Get a home equity loan. Most home equity loans have interest rates as low as 2% for first 6 months and variable rates after that. If you can pay off the home equity loan with in 6 months to 1 year go for it. That's just me.

[HridayRanjan]

7 hours ago, iddaritho said:

i need to get my basement done  , i am looking at financing option , i paid close to 50 k in mortagage 

wondering if it is a good idea to refinance or take home equity loan ? 

i dont want touch my 401k ( is there any benefit for a loan from there  )

 

Not at all good 

rates are high, u will end up paying more 

[mettastar]

13 minutes ago, HridayRanjan said:

Not at all good 

rates are high, u will end up paying more 

Rates thagginay kada malli

[HridayRanjan]

1 minute ago, mettastar said:

Rates thagginay kada malli

Still 50K paid off and how much interest did he pay ? 

For first 10 years your interest money will be more than your capital