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SVTPerformance's Chain of Restaurants
Road Side Pub
Need opinion on renovation loan
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<blockquote data-quote="03cobra#2" data-source="post: 15240537" data-attributes="member: 52057"><p>So I inherited my mom's house along with my sister. It's paid off. I'll be buying her half out for around 80k.Have my current home I live in on the market to be sold, probably going to be close to break even. Plan is to renovate my mom's house and move into it. House is worth about 175-185 as it sits. Scope of the project is going to be around 125ish. I plan to take a loan out for the entire amount and have cash set aside for contingencies. </p><p></p><p>I have a general contractor picked out and have my first meeting with a architect on Tuesday to start plans.</p><p></p><p>So what would be the best loan? Home equity line, home equity loan, mortgage, fixed, adjustable? I have plenty of cash reserves, and make a good living that I can afford this no problem.</p></blockquote><p></p>
[QUOTE="03cobra#2, post: 15240537, member: 52057"] So I inherited my mom's house along with my sister. It's paid off. I'll be buying her half out for around 80k.Have my current home I live in on the market to be sold, probably going to be close to break even. Plan is to renovate my mom's house and move into it. House is worth about 175-185 as it sits. Scope of the project is going to be around 125ish. I plan to take a loan out for the entire amount and have cash set aside for contingencies. I have a general contractor picked out and have my first meeting with a architect on Tuesday to start plans. So what would be the best loan? Home equity line, home equity loan, mortgage, fixed, adjustable? I have plenty of cash reserves, and make a good living that I can afford this no problem. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Need opinion on renovation loan
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