Asked by Tim, Nashville, TN • Sun Mar 1, 2009
Our house is currently worth $190,000 and we owe $159,000. If we finish the basement, then it would be worth $220,000. We plan to be in this house for many years and would like to finish the basement for entertainment as well as get some additional money to replace the roof, add a pool, update the kitchen, and fix the cracked driveway. Is this a good approach? I rather have one loan with a low rate, instead of a primary loan and an equity or construction loan. My current mortgage rate is 6.5% and if we refinance it would be around 5%.Thanks for your advice.
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