Now that you’ve figured out how much your project is going to cost, the next question is, “How do I pay for it?” Here are five different methods our clients who don’t have cash get the money to pay for their projects:
1. Refinance the existing mortgage, and pull from the equity in your home. When interest rates are low as they are now, this can make sense. Sometimes your payment doesn’t change, which is nice, but the length of time you will pay on the loan will increase. If you are planning on staying in your home for years to come, this may be the way to go for you.