OT: Home Financing and General Contractor Advice

[Dawgology]

After reading the economics primer last night on this board I thought I would ask the board for some advice. I'm in the process of planning a pretty significant home add-on/ remodel and I'm researching finance options. I own my house free and clear so I was thinking equity financing or loan...I don't know. If we have any bankers or lenders in the Columbus area on this board please send me a PM...I would love to work with someone that I know....but I'm open to any advice the board can give me.

Secondly, I'm looking for a good general contractor in the Columbus area that works house remodels/add-ons....preferably one that is reliable and does good work. If anyone has any recommendations on one I'm taking quotes on the job over the next few weeks.

[chainedup_Dawg]

PM sent

[BurgDawg]

I live in Columbus also I was given advise recently to reach out to Corner Stone lending out of Jackson for contractor loans.

[Bully13]

Depending on your financial situation, a home equity line of credit may be your best deal if you have the ability to pay off the loan fast. They usually are variable rates so you don't want it to hang around. But you can draw on it on an as needed basis which is ideal for home improvement projects. Fixed rate mortgages make you get all the money at closing and many lenders don't do them below 50k. Maybe small local banks can do them for smaller amounts. No matter how good your credit is and how much equity you have, be prepared to show all your income docs.

[Dawgology]

Thanks for the responses. A little more info. I've got good credit and the project is, in my estimation (still waiting on quotes) going to be in the 70-80k range. That change the financing options?

[Bully13]

How long do you plan on taking to pay it off?

[Maroonbulldog]

After reading the economics primer last night on this board I thought I would ask the board for some advice. I'm in the process of planning a pretty significant home add-on/ remodel and I'm researching finance options. I own my house free and clear so I was thinking equity financing or loan...I don't know. If we have any bankers or lenders in the Columbus area on this board please send me a PM...I would love to work with someone that I know....but I'm open to any advice the board can give me.

Secondly, I'm looking for a good general contractor in the Columbus area that works house remodels/add-ons....preferably one that is reliable and does good work. If anyone has any recommendations on one I'm taking quotes on the job over the next few weeks.


I am the Sr Mortgage Lender with Renasant in Columbus. I can help you out with advice on both fronts. feel free to give me a call Monday 245-5168.

Jimmy

[Maroonbulldog]

Thanks for the responses. A little more info. I've got good credit and the project is, in my estimation (still waiting on quotes) going to be in the 70-80k range. That change the financing options?




A cashier refinance is a good choice. I just refinanced my personal loan BC rates are so low.

A heloc would be cheaper but there is no telling where fixed rates will be by the time you finish your project.

[Dawgology]

How long do you plan on taking to pay it off?

My house is currently paid off and I'm only 35. We intend to stay here which is why we are adding on so longer payoff equating to smaller monthly payments is always a plus.

[Bully13]

My house is currently paid off and I'm only 35. We intend to stay here which is why we are adding on so longer payoff equating to smaller monthly payments is always a plus.

I would advise against a heloc then. Take advantage of the low fixed rates.

[Dawgology]

I am the Sr Mortgage Lender with Renasant in Columbus. I can help you out with advice on both fronts. feel free to give me a call Monday 245-5168.

Jimmy

Thanks! I will give you a call tomorrow.