We are in the middle of a remodel/addition that has been a nightmare...think Holmes on Holmes. Thank goodness he didn't get far with the building before we stopped him, so the house is built very well. The problem is we had a construction loan for 160k first GC got 20k of the loan. When new builder came in his price was 180k to finish house to completion. We had 140k left in the loan.
My questions are:
Should I see if the bank will give us the 40k we'll need to finish?
Should I take out a pension loan?
Should I use a credit card, and then consolidate debt at our closing? We have little credit card debt, and I don't want to get into that.
There's always family, but I don't like owing money to family members.
What are our options?
We are both teachers, my husband 18 yrs. and myself 15 yrs., so our jobs are secure.
We have a claim against first builder's insurance company which would help, but we can't count on that money.
I just need to know that I can finish this house. We can afford the home, it's just that the appraisals are going to kill us, I know. So I need to know where would be the best place to get the money.
Thanks for your help!