Thread: Goals before TTC?

Originally Posted by morel_baby

My current solution that we are exploring is: Taking out a home improvement loan, completing the work, then trying to refinance with the added equity. If we are lucky we can continue playing the home improvement loan, but lesson our monthly payment so that it evens out to what we're paying now. If we were to refinance it in altogether we would get stuck paying a mortgage insurance that we don't have now which is why I feel like we need to keep the loans separate.

It is all so confusing though!

I work in the mortgage industry. Be very careful of over-improving your home. If it's small for your neighborhood then by all means build on. If it's average, you can also add, but if it's a little larger than the rest of the neighborhood then beware. You will out-price the neighborhood and not get the money you need to refinance eventually. Good luck!!!

Originally Posted by morel_baby

My current solution that we are exploring is: Taking out a home improvement loan, completing the work, then trying to refinance with the added equity. If we are lucky we can continue playing the home improvement loan, but lesson our monthly payment so that it evens out to what we're paying now. If we were to refinance it in altogether we would get stuck paying a mortgage insurance that we don't have now which is why I feel like we need to keep the loans separate.

It is all so confusing though!

I work in the mortgage industry. Be very careful of over-improving your home. If it's small for your neighborhood then by all means build on. If it's average, you can also add, but if it's a little larger than the rest of the neighborhood then beware. You will out-price the neighborhood and not get the money you need to refinance eventually. Good luck!!!

I would like to tighten up my diet and cut out all junk. I also would like to be back in shape. I was getting into awesome shape, but since I went back to work in March I have only made it to the gym a few times. Ugh!!! I tend to gain a ridiculous amount of weight in pregnancy, so I want to be in great shape so I can bounce back after number 3.

Originally Posted by tink9702

I work in the mortgage industry. Be very careful of over-improving your home. If it's small for your neighborhood then by all means build on. If it's average, you can also add, but if it's a little larger than the rest of the neighborhood then beware. You will out-price the neighborhood and not get the money you need to refinance eventually. Good luck!!!

Thanks for the advice! My father came over to give us an estimate yesterday for finishing the basement. We had originally though that we would add on, but he thinks that we will be able to add a third bedroom, a bathroom, and a storage area into the basement for 1/3 of the cost of an addition. He's been in the construction business for years so he can do the work, and we'll pay him, but pay can less than we'd have to pay someone outside of the family.

With the price of finishing the basement we can afford a personal loan if the refinancing can't happen after.

oh, and we have 2 other homes that were originally built exactly the same. One neighbor has a family room added on, and the other has a finished basement and a 3 season porch. Other homes in the neighborhood also have at least one more bedroom than ours, so hopefully we'll be ok. Everything feels like a guessing game!

Yes, it sounds like you will be just fine! Good luck with finishing the basement!

My husband and I were just recently stationed in Germany - and we want to travel to a few places before having another child. Except, we're JLIH, not trying, not preventing, etc. So, we'll see! LOL I keep saying to him "You KNOW I'm not 'on' anything! If you wanna see Paris, we need to stop being so 'careless' about this!" and he just smiles and says "I'm good with whatever happens." <3