#MortgageRenewal #HomeRepairs #CreditCardDebt #Budgeting #HELOC #PersonalFinance
Hey everyone, seeking some advice here! 🏡💳
So, our mortgage is up for renewal next month and we’re debating whether it would be a smart move to take out extra funds to cover some much-needed house repairs and credit card debt. Here’s the breakdown:
– Roof repairs estimated at 10-12k 🏠
– Window upgrades needed, around 8-10k 🪟
– Credit card debt sitting at 12k 💳
We’re considering options like using additional funds during our mortgage renewal, getting a HELOC, or a combination of both to tackle these expenses. The plan is to address the roof and credit card debt immediately, while considering the windows for a future project.
One idea is to create a solid budget to stay on track financially, especially with the addition of kids in the picture. 🧑👩👧👦
Any suggestions on the best approach for handling this situation? I’m also looking into utility company loans for energy-efficient upgrades. Let’s share some insights and help each other out! 💡💰
#PersonalFinanceTips #Budgeting101 #HomeImprovement #FinancialAdvice
You can’t make any financial decisions worth a damn without a detailed budget
You should focus on creating that budget asap. Renewals and refinance can take 3-4 weeks if you are planning to switch lenders. Did you pay less than 20% downpayment at the time of purchase? If yes, refinancing would result in you losing the insured status.
If you haven’t already used it, you can use the Federal Greener Homes Loan to replace old windows, and receive a zero interest loan. It might be used more for solar panels, but it can be used for other things.
It’s a bit of a process, and you’ll need an energy assessment before and after (some of the cost will be rebated). You’ll also have to pay for most of the work out of pocket and then get the loan afterwards.
*edit* for clarity, there was a greener homes grant, which is no longer available, but the loan is still offered.
I am a broker and you can transfer your mortagge to be insured and keep best rates and add a HELOC on after.
This may be the best way to do this assuming you qualify. If not, take a look at refinancing and look to avoid running up credit cards if possible