Renovate your Home by Refinancing Your Mortgage in Farmington Hills If you’ve been considering making upgrades to your home such as remodeling your kitchen or updating your bathroom, why not refinance your mortgage so you have the money to do these renovations? You have options when it comes to financing home renovations. For instance, you could use a credit card to or take out a personal loan to pay for the work. Unfortunately, the interest rates on those options will be higher than if you refinance your mortgage to pay for it. A HELOC or home equity line of credit is another option. With a HELOC, you borrow against your home’s equity. The advantage here is that you only have to pay minimally when you spend, meaning that you can just pay the interest each month like you would with a credit card. The drawback is that the amounts you’re spending are accruing to a second mortgage which must be paid in full within the pre-determined term of the loan. Your best option for paying for home renovations or repairs is to refinance your current mortgage. Although interest rates are rising again, individuals who have equity in their homes refinance in order to lower their monthly mortgage payments or take out cash. Keep in mind that a cash-out refinance is the best way to go at the present time. https://www.google.com/maps?cid=17636774335061292863