Hi all,
Wondering if I could get some guidance here. My wife and I bought a house in 2013 and we have these pink carpets. I am not kidding, pink.
We want to tile the entire house, which is going to cost roughly 10k-15k. We owe 197k on the home and the comps have been coming in roughly 20k-30k more than what we paid for (205k).
I plan to use it as a revolving amount of credit, I don't plan on keeping the balance longer than a few years. It would be nice to have as a emergency loan as well, like if our AC quit or something to that effect.
So my questions:
1. Does a 25k heloc sound doable? Zillow shows roughly 30k more than what we paid for. Comps are in the same threshold, in fact my friend just bought a house 70sqf smaller than mine and paid 25k more for it. Our equity from our original amount isn't amazing, roughly have it paid down by 7k.
2. Any recommendations for banks? I heard DCU was good, I like the fixed rate option. Our banking and mortgage is with Wells, I heard they do them but are more stingy about the amounts.
3. Should I wait or do it now? I have a 740 score and my wife's is around 780. We have 10k in credit card debt, though it will be 5k next month after doing a payoff. I know our equity position is not great, but I am hoping next year property values go up.
4. What is the average up front costs?
I appreciate your help on this!
