Anna Helhoski

So you might have more equity than you initially might seem to have. And that kind of leads into... the obvious question of, okay, so we have all these amazing home renovation goals. How are you thinking about funding them?

Sure. So just to be clear, there are tons of ways of financing a home renovation. Right now, though, we are talking about different ways of doing it by leveraging your home equity. And if you are talking about something that's on that six-figure scale, that's the kind of borrowing you're really looking to probably do, right? Clearly, $150,000, you're not going to put on a credit card.

Sure. So just to be clear, there are tons of ways of financing a home renovation. Right now, though, we are talking about different ways of doing it by leveraging your home equity. And if you are talking about something that's on that six-figure scale, that's the kind of borrowing you're really looking to probably do, right? Clearly, $150,000, you're not going to put on a credit card.

Sure. So just to be clear, there are tons of ways of financing a home renovation. Right now, though, we are talking about different ways of doing it by leveraging your home equity. And if you are talking about something that's on that six-figure scale, that's the kind of borrowing you're really looking to probably do, right? Clearly, $150,000, you're not going to put on a credit card.

For that much money to a personal loan, the interest rate probably would not be at all in your favor. But in terms of these three options, so we've got cash out refi, we've got home equity loan, and then home equity line of credit, we can just say HELOC. Cash out refinance, I can tell you right now, there's a high likelihood it will be not on the table.

For that much money to a personal loan, the interest rate probably would not be at all in your favor. But in terms of these three options, so we've got cash out refi, we've got home equity loan, and then home equity line of credit, we can just say HELOC. Cash out refinance, I can tell you right now, there's a high likelihood it will be not on the table.

For that much money to a personal loan, the interest rate probably would not be at all in your favor. But in terms of these three options, so we've got cash out refi, we've got home equity loan, and then home equity line of credit, we can just say HELOC. Cash out refinance, I can tell you right now, there's a high likelihood it will be not on the table.

And that's because of where mortgage rates are. So if you bought a couple years ago, there's a good chance that today mortgage rates are higher than when you bought it. So with a cash out refinance, you're refinancing the home. So you're getting an entirely new mortgage. That means a new everything, new term, new interest rate, all of it.

And that's because of where mortgage rates are. So if you bought a couple years ago, there's a good chance that today mortgage rates are higher than when you bought it. So with a cash out refinance, you're refinancing the home. So you're getting an entirely new mortgage. That means a new everything, new term, new interest rate, all of it.

And that's because of where mortgage rates are. So if you bought a couple years ago, there's a good chance that today mortgage rates are higher than when you bought it. So with a cash out refinance, you're refinancing the home. So you're getting an entirely new mortgage. That means a new everything, new term, new interest rate, all of it.

You take out a loan for more than the home is worth, and then you get the difference in cash at closing between the home's value and how much you still own on the mortgage. So that's kind of where your cash out is coming from.

You take out a loan for more than the home is worth, and then you get the difference in cash at closing between the home's value and how much you still own on the mortgage. So that's kind of where your cash out is coming from.

You take out a loan for more than the home is worth, and then you get the difference in cash at closing between the home's value and how much you still own on the mortgage. So that's kind of where your cash out is coming from.

So when we're in an environment where interest rates are really low, this is appealing to people because they can get cash out and at the same time, they're lowering their interest rate, right? But when interest rates have gone up, one, no one's like looking to increase their interest rate, but increasing your interest rate on an even larger loan is kind of like you're just making bad worse there.

So when we're in an environment where interest rates are really low, this is appealing to people because they can get cash out and at the same time, they're lowering their interest rate, right? But when interest rates have gone up, one, no one's like looking to increase their interest rate, but increasing your interest rate on an even larger loan is kind of like you're just making bad worse there.

So when we're in an environment where interest rates are really low, this is appealing to people because they can get cash out and at the same time, they're lowering their interest rate, right? But when interest rates have gone up, one, no one's like looking to increase their interest rate, but increasing your interest rate on an even larger loan is kind of like you're just making bad worse there.

So for a lot of people, cash out refi is not going to be an option. And again, you know, that's going to depend what the interest rate on your primary mortgage is. But kind of broadly right now, cash out refi is just not going to make sense for a ton of people. Yeah, I'm not positive what our mortgage interest rate is, but I want to say it's like 6.9 just for reference, I think.

So for a lot of people, cash out refi is not going to be an option. And again, you know, that's going to depend what the interest rate on your primary mortgage is. But kind of broadly right now, cash out refi is just not going to make sense for a ton of people. Yeah, I'm not positive what our mortgage interest rate is, but I want to say it's like 6.9 just for reference, I think.

So for a lot of people, cash out refi is not going to be an option. And again, you know, that's going to depend what the interest rate on your primary mortgage is. But kind of broadly right now, cash out refi is just not going to make sense for a ton of people. Yeah, I'm not positive what our mortgage interest rate is, but I want to say it's like 6.9 just for reference, I think.

That's not terribly far off the kind of rates we're seeing right now. Something else to consider also is that cash out refis generally have higher interest rates than if you were to just do, say, a rate and term refinance. Because it's that much larger of a loan for the mortgage lender, it's a little more risky. They're going to reflect that in the interest rate you're offered.