Refinance With The Times: Interview Your Bank
Youve long since graduated high school. And youve been in your current career quite awhile; owned your own home not much longer after that. Youve just gotten yourself and your new family on your feet and now, you have to take care of your aging parents or your partners aging parents. Its a cost that many people face just before theyre starting to plan for their own retirement and often, one thats unexpected. However, there are many options available to you, and refinancing your mortgage may be the option youre looking for.
So, your parent sacrificed for you, now it is time for you to pay it back--literally. And while we all want to be there for our parents just as they were there for us, bringing another person into your home will add to your regular household costs; not to mention additional costs to create a space for that person to live there. How do you have the extra money to pay for remodeling the room above the garage, adding a small room in the back of the house, finishing the basement or paying for nurses or nurses aides?
It can seem overwhelming and you may feel as though youre between a rock and a hard place, with no good options. But there are lots of good options out there that will let you give back to your parents, and feel good about it too! Some people choose to take out a second on their primary home. Other people get home equity lines of credit to help cover additional large costs in their home. While those are good options, one that is often overlooked is the refinancing options. Refinancing your home in order to make room for the new addition, and to help cover daily household costs, can be a great way to lower your mortgage payment and maybe even get some money back, to cover those upfront costs! Before you head to your lender with mortgage papers under your arm though, you do need to consider just a few things:
Will the new person add any income to family? This will let you know how much money you need and therefore, how much you need to borrow. What will be the costs to refinancingshort term and long term? You might want to refinance your mortgage so that you make lower payments for a longer period of time; in this case, youll pay more in the long-run. Or you may want to refinance for a shorter period of time with higher payments; making you debt-free sooner and paying off in the long-run. These are just a few of the things you need to consider when refinancing to allow room for an additional person in the home.
Go to your most trusted banking source and explain the situation to them. They may have additional resources and options available to you. You never know, maybe that remodel or additional room may add a bit more to the value of your homemaybe even more than you think. Or, maybe consolidating your debt is something you were thinking about. The refinance may make sense for you in more ways than one or maybe the home equity line of credit is perfect for your familys situation. Just remember there are many options out there for you. Happy options shopping!
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