cash out refi - The Mortgage Porter

Home Improvement and Construction Loans

February 29, 2024 by Rhonda Porter Leave a Comment

There are many options available for financing home improvements not to mention using cash or available funds.

What type of program is used may depend on the scope and amount of funds needed for the project. We can help you with everything from a home equity line of credit where you can do the work yourself or a full construction loan if you’re working with a vacant lot or a complete tear-down property. Larger projects may require a general contractor and/or to have the contractor approved by the lender.

Loans that do not require a general contractor are our home equity line of credit, stand-alone second mortgage or a cash-out refi. With the home equity loan of credit or second mortgage, you could keep your existing first mortgage (if there is one).

Here are some possible programs to consider: [Read more…]

Filed Under: Mortgage Programs Tagged With: adu, cash out refi, construction, heloc, home improvement, remodel, renovation, second mortgage

Your Mortgage and Home Equity should be part of your Financial Planning

January 9, 2024 by Rhonda Porter Leave a Comment

A recent MarketWatch article featured a reader question that probably sounds familiar to a lot of people approaching retirement. Here’s the situation as the reader described it:

“I’m 57, single, have $300,000 in a 401(k) and about $12,000 in savings in different accounts. I owe $93,000 on a house and have $20,000 in credit card debt. I make about $100,000 per year. Should I consolidate my savings? Should I pay off my credit card with the savings and then rebuild my account? I am working on paying off the credit card but I have terrible spending habits. I really don’t want to work until I’m 67. What advice do you have? Should I hire a financial planner to help me?” — MarketWatch reader question

Divorce and Your Mortgage: What Washington Homeowners Need to Know

January 14, 2022 by Rhonda Porter Leave a Comment

Going through a divorce or dissolution of a domestic partnership is one of the most stressful experiences a person can face. In the middle of everything else — attorneys, finances, emotions — your mortgage may feel like a detail you’ll deal with later. But how you handle the mortgage during and after a divorce can have lasting consequences for your credit, your finances, and your ability to buy a new home.

Here’s what Washington homeowners need to know. [Read more…]

Filed Under: Refinancing & Home Equity Tagged With: cash out refi, divorce, refi

Could you survive one month without income?

January 25, 2019 by Rhonda Porter Leave a Comment

With the government shutdown pushing over a month long, some federal employees are having to juggle another missed paycheck. Yesterday during an interview with CNBC, US Commerce Secretary Ross is quoted stating:

“So the 30 days of pay that some people will be out – there’s no real reason why they shouldn’t be able to get a loan against it and we’ve seen a number of ads from the financial institutions doing that… there really is not a good excuse why there really should be a liquidity crisis,” he said. “True the people might have to pay a little bit of interest.” [Read more…]

Filed Under: Credit & Financial Strategy Tagged With: cash out refi, debt, politics

My Seattle Kitchen Remodel: Selecting Countertops

August 4, 2017 by Rhonda Porter 1 Comment

A few weeks ago, I shared that we’re remodeling our kitchen. Boy-oh-boy what a chore it is…we started the process months ago and are just starting to see light at the end of the tunnel. As I’m going through this first hand, I thought I’d share tidbits of things we’re learning along the way. Today, I’ll share the story of our kitchen counters.