new home addition -home equity loan or remortgage

Question

Mar 8, 2007, 10:17 AM

jalute

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Join Date: Mar 2007

Posts: 3

new home addition -home equity loan or remortgage

I am 54yrs old and have only 3 yrs left on mortgage..I want to put on a new addition to house and looks like I will have to borrow $80,000.. Do I want to do home equity or remortgage?? I would like to retire in 11 yrs or less

Answers

Mar 8, 2007, 10:43 AM	#2

ScottGem Computer Expert and Renaissance Man Join Date: Jan 2003 Location: LI, NY - USA Posts: 33,634 Pay to call ScottGem for advice ($.75/min)	That's totally up to you. It might be better to have a home equity credit line for the future. But either way is valid. The best thing is to compare the costs of getting each type of loan.

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