2 mortgages, remodeling, need more cash
We are in the midst of remodeling and need about 30,000 more. House value is about 430,000. First mortgage is 47,000 (15 yr @6.25 - 7 yrs. remaining) Second mortgage which we took out in Feb. is 120,000 (15 yr @6.25) We thought we took enough out in Feb., even allowed ourselves a 20,000 cushion, but surprise! - all new a/c and ductwork ate that up.
I would appreciate any advice on what we should do - consolidate? get a HEC line of credit for 80,000 and pay of the first mortgage? (which my lender suggested)
This experience has beome overwhelming! Ignorant and naive, we decided to live in the house while the work was being done. (to save money) Now in addition to living in insane conditions, we are stressed about running out of dough!
Thanks in advance for any financial advice - my brain hurts from decision making! Sincerely, Jenny