Quote:
Originally Posted by ken0042
Yep, which is why when I borrowed money to pay for building the garage, I got a 2nd mortgage, and then when the main mortgage comes up I can roll the two together. That way I borrowed exactly what I needed; so that I couldn't be tempted to keep dipping into it.
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ken, you didn't ask, however, if you aren't careful, the cost of the garage
will end up being more this way, compare to a secured loan against your
house, due to the length of the mortgage. If you can, increase your
mortgage payment(s) to offset the cost such that it lasts 5 to 7 years,
and then you are back to your original mortgage only. (assuming 5 to 7
years is how long you intended to keep the loan, and you can afford
that payment)
ers