February 22, 2012


Home Equity?

Question by aimstir31: ?
I have 13 thousand available in my . 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 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 loan to pay off my 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.

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