If you’ve been considering taking a small mortgage or HELOC (home equity line of credit), now might not be a bad time to do it. Interest rates are at historic lows and banks are more willing to lend as the housing downturn is over. With the last 4 home sales on Randlett Park averaging $812,000, home appraisals are likely to have higher values as well.
With an FHA-203k consultant loan, you can borrow up to $523,750 to purchase, refinance or renovate your home in Middlesex County. For example: if your home on Randlett is worth $600,000 and you owe $425,000 — you could borrow an additional $98,750 for renovations.
I know what most of you are thinking – Dave, if this is so easy, why don’t you do it and renovate your kitchen? It really needs it! It’s the worst looking kitchen on the street! All I can say is I’ll do it when the time is right. And by the time is right, I mean when my wife tells me to.