I added a screened-in lanai to my house last year and had it fully wired and plumbed so I could move my washer and dryer out of the kitchen. The plan was to create additional space inside before starting a kitchen remodel. I hired local contractors and used cash I had saved for the new room, a new lanai on two sides of the house and a new roof for my old fixer upper. I thought I was being smart by using cash instead of taking on additional debt, but it turns out I was wrong. Since I’m now ready to do my kitchen remodel, I’ve been researching the best way to finance the work. I wish I had understood better about home equity loans
before I used up all of my savings. Since the equity in my house has built to about four times what I still owe I can borrow what I need for the work, and maybe a little to pay the few bills that I carry a balance on from month to month. My payments will be low enough that I can begin rebuiliding my savings (I used their mortgage calculators
to figure out how to structure the best deal for myself.) I wish I’d known that before I had the previous work done, but it’s never too late to educate yourself about your own finances, is it?
This post is sponsored by PersonalHomeLoanMortgages.Com.
I've been visiting their site for about a month, learning what I need to know. It's embarrassing to admit how ignorant I was when I started, but their Mortgages 101
and other educational features have made it painless for me to bring myself up to speed.
Labels: finance, home mortgage, payperpost