Question by aimstir31: Home Equity?
I have 13 thousand available in my home equity. That will somewhat get me out of debt. If I take this out does my morgage payments go up? Also I want to add on in the spring about a 30 thousand dollar addition. Will I be able to borrow more money for my addiction come spring? I’m really undecided. How does a home equity works?
My house is worth more then my mortgage loan. Now I know my mortgage will go up when I add on to my house. I was going to use this home equity loan to pay off my credit card debit. Then I could manage to give my mortgage more money. Would that be a smart move?
Best answer:
Answer by jojo
Yes your payment will go up depending on the loan amount that you have out. You will not be able to borrow more than what your house is worth so keep that in mind when wanting to borrow more. Dont get in over your head.
Give your answer to this question below!