Hi all,
Sorry if this is the wrong thread mods feel free to move.
We have been quoted almost 40k to get work done on the house (extend into garage).
We were expecting to be able to release some equity with our mortgage provider to cover this but avant don’t offer this which is fair enough- would’ve been nice to know when we switched but ah well.
We try and throw 10% of the loan off the mortgage principle every year but now we are thinking we will save this years 20k and next years 20k and pay cash for the extension (price might even go down with commodity prices dropping?- actually who am I kidding ).
Or we look to get a credit union loan now to cover the 40k but it would be at 8% interest rate.
Are we better just not overpaying the mortgage and saving for the extension would ya think- does this make the most financial sense?
Sorry if this is the wrong thread mods feel free to move.
We have been quoted almost 40k to get work done on the house (extend into garage).
We were expecting to be able to release some equity with our mortgage provider to cover this but avant don’t offer this which is fair enough- would’ve been nice to know when we switched but ah well.
We try and throw 10% of the loan off the mortgage principle every year but now we are thinking we will save this years 20k and next years 20k and pay cash for the extension (price might even go down with commodity prices dropping?- actually who am I kidding ).
Or we look to get a credit union loan now to cover the 40k but it would be at 8% interest rate.
Are we better just not overpaying the mortgage and saving for the extension would ya think- does this make the most financial sense?