Questions about obtaining a Home Equity Loan?
OK so I have a couple of questions since I am considering looking into obtaining a home equity loan, I’ll try and include as much info as I can so you are familiar with my current situation.
So I plan on putting the house (home #1) on the market within the next year or two and to make the home market ready it needs some work. On top of this I need to purchase 2 cars for my sons so I figured a home equity loan will be able to cover these costs. I own 2 homes. Home #1 was appraised at $ 860,000 and has $ 172,000 remaining on the mortgage. Home #2 was appraised for $ 760,000 and has $ 163,000 remaining on the mortgage so I like to think I have a decent amount of equity. I have an ok credit score sitting around 720, and make roughly $ 180,000/yr. I’ve NEVER missed a mortgage payment, nor any payment in general over the past 3 years. I’d really like to take out around $ 100,000 if that’s plausible. I’m just so confused as to how to go about this; some say get a home equity loan others say refinance. What is your personal opinion, and why? I greatly appreciate all the help and advice you share!!!
I’m currently in a lease and I personally don’t see the need of getting car loans, which is the secondary concern. The primary concern is there is work that needs to be done to the house before I put it on the market. Figured this loan could fit all my needs into one note.