All Forum Posts by: Christian Gutierrez

Thanks so much @Kerry Baird Yeah, truthfully I did not think about if the house isn't done and I try to refinance that I can run into not even being able to take out a mortgage. We will just have to carefully plan out so that I don't run out of money. I have heard though that I can extend the HELOC.

Hi Taylor,

Thank you for your reply. Right so this property is going to be where we stay for the long run. It won't be an investment property. I have already been paying back the HELOC but not chipping away at the principal, interest payments only. I understand that if I refinance I will have to pay a mortgage so its nice that right now I don't have to. My worry here is the interest rates that could vary. Right now the rate I have on it is a 4.49%.

Hi all,

In 2020, my wife and I were added to the title of her grandparents home and will use this as our primary residence. This property is free and clear. I took out a HELOC on the home for 195,000 as a way to cover the home remodel. The house is valued at about 430,800. With the current remodel, I currently have a balance of about 70,000 with closing costs on the HELOC. We had a bump on the road as we took out permits to close out the garage and added 6 new impact windows, which all in all took about a 1 year and a half and costs more than we initially thought. Now, we are in the demolition phase of the project which I predict another 80,000 in the remaining remodeling expenses. After listening in on the podcasts it doesn't seem I'm going in the right path by using the HELOC to continue paying for the remodel as I don't have an ETA on when this remodel will finish and an exit plan to pay it off in a year as most recommend. Thus wanted advice on what to do now. Please help!