All Forum Posts by: Eric DeVito

@Thomas S. Also thank you for advice. That is my issue, I only have about $15,000 in savings and rest is equity in my home. That is why I can't use savings to fix basement. I wanted to use HELOC for that and investing

@Thomas S. usually my contractor doesn’t get a permit. Renovated my house without one. He’s not full time contractor anymore, family friend. Anyway I figured the basement should be done because I would like my house to be a long term Home and also i have a newborn so extra space would be beneficial as she gets older.

@Lana Lee I believe it’s variable but I have to look over documents. 

@Corby Goade thanks for the great info. I was approved by Santander bank for 90,000 HELOC. 5.5 interest rate. At the time was best thing I found. So once I redo basement I can update or get a new HELOC?

@Melvin List Only $1,000 lender credit. Nothing special in my opinion. 

Loan Cost: $6,999

 Govt. fees + transfer tax: $5,760

Escrow payment at closing: $2,642

Lenders Credit: $1,000

That is what I am reading off application.

@Josh Dillingham Yes perhaps I should focus on the renovation first instead of trying to do everything all at once. I get excited at times I suppose. I'm in Staten New York. Estimated closing cost USAA document sent me says $14,000 and some change. That seems ridiculous to me. I haven't signed any paperwork yet to proceed. I feel I might just back out and cancel. I know I could pay down the HELOC myself and give a little extra to pay down quicker.

@Corby Goade I see what you are saying. I told USAA to lock in my rate at 3.8, they sent me paperwork via email. Is it too late to back out? I haven’t signed anything yet. 

As far as HELOC, I have shopped around and Santander back approve me for $90,000 with a 5.5 rate. Do you think this is a better option?

I’m expecting my basement renovation to be around $25,000. I would also like to buy a mix use propoerty with left over money.

@Josh Dillingham Thanks for the tips. So I would like to do both, renovation and another property. Santander Bank approves me for 90,000 for a HELOC. 5.5 rate. Would this be better to use to renovate and also possibly buy a 2nd propoerty. Basement renovation should be around 25,000 but I would like the space as it would increase value of Home and I have now a baby and would like that done for her as well.

hello all, I currently have a 30 year fixed 3.0 rate on my primary SFH residence. Paying about 1250 a month. I have close too 200k in equity. Would it be smart to do a VA cash out refinance to a 30yr 3.8 rate and pay around 1,800 a month? I would be getting 100,000k cash at closing. ( Not taking full amount of equity).

Goal: Renovate me basement and possibly purchase a mixed use property. Thoughts? HELOC better?