Profile picture for bouziddds

I need to do some home improvements, my house is valued at 1.1 M, I owe 480K.I need 350K.Refi ?

I need to know what makes more sense to refinance my mortgage or get a line of credit. I need to cash out 350K . 
  • February 10 2009 - San Mateo
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Answers (3)

Profile picture for Mr Caveat
i dont need more info:

dont be foolish, do not take out 300k.
do not invest a penny in home renovations.
do not pass go. red light means stop.

i dont care where you are, there is no way this can be a good idea(unless you want to live here in this house FOREVER!!!


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  • February 10 2009
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Corr: on below. ... $450K = $350K ... Math is correct. ...Sorry 'bout that! ... Rudi

  • February 10 2009
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Bozzi,
 
Need more info.
 
Hear's what I can mention from the info you have provided:
$1.1M @ max ltv/cltv is 75% = $825K - <$5K> short prior to costs. Costs (approx.) O/F = $6,682 (approx.) + H/C = $3,800 (approx.) = $10,482 total cost (approx.) 

$825K - $10,482 = $814,518 - $480K = $334,518 C/I/F - 450K = <$15,482> short - for need/goal. 

Please make a loan request on ZMM. .... Rudi
  • February 10 2009
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