how much can i refinance for home renovations
If your home repairs are estimated at $10,000, a cash-out refinance may be the best option to renovate the property without straining the familyâs budget. You would take out $10,000 in the refinance, giving you a new mortgage of $196,109 at an interest rate of 3.5% for a 25-year loan. That would result in a payment of $982. Youâd pay off your home as originally scheduled and save $218 a month.