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Bay Mortgage - Home Remodel Project Financing Do you want to remodel your kitchen, or add a bedroom and a bathroom, but no matter how hard you have tried to save for the project something comes up and devours your 'project saving account'? We don't often quote members of the Beatles here at Bay Mortgage, but John Lennon said it best: "Life happens when you are making other plans" Saving for projects such as this can be near impossible for some of us, but homeowners often have a much overlooked asset on their side: Home Equity. Let's say you bought your home 5 years ago for $150,000 - chances are today it would appraise for somewhere around $200,000. If so, there is $50,000 in home equity that you could access if you choose to. So figuring a new loan utilizing $30,000 of that (at 6% interest), your monthly payment only goes up approximately $180 per month. Get Pre-Qualified today.
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