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    jalute's Avatar
    jalute Posts: 3, Reputation: 1
    New Member
     
    #1

    Mar 8, 2007, 11:17 AM
    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
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Mar 8, 2007, 11:43 AM
    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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