Refinancing an unfinished home

[Joel Harrison]

I’d like to get in on these low mortgage rates and do a partial cash-out refinance so I can get this ball really moving. However, this house I’m in is only partially finished, and I don’t have the finances to get everything done in a short amount of time. The kitchen is virtually untouched, and the master bath is almost completely demoed right now.

I have some money that I was planning on using to do the kitchen last year, but the pandemic made me hold out on spending as I lost my main source of income. I had to dip into those savings a little bit, but have recently brought it back up to my pre-pandemic numbers. My “new” job pays about half of what my “old” job did, so I’m a little bit nervous about spending all of that money.

Should I basically YOLO the cash into my house and do the refi, or keep the slow boat moving and do things incrementally as I had been? I REALLY don’t want to miss out on these low rates.