Finance related Question

[13liza]

We desperately need to put vinyl siding on our house (currently have wood and it's starting to show it's age). We got a quote and it's a lot of money. We're in the process of refinancing our mortgage (better rates and getting rid of PMI). We've discussed the option of a home equity line of credit with the loan officer, but that will only cover about half of the cost of this project. What would be a good option for financing the rest? Personal loan? We are not interested in holding any credit card debt and have good credit scores.
Vent: I'm feeling frustrated and stressed that we are responsible with our money usually and still can't afford to do this project and it seems like everyone around us buys big ticket items with seemingly no issues or stress.

[gdaisy09]

We did the work on our house last summer through a mortgage refinance (basement, Windows, solar panels) we still carry PMI, but with the exception of the solar, the work needed to be done. We did a refinance with a construction rider. So the added home value from the construction was taken into consideration.

[13liza]

Aug 9, 2016 21:39:44 GMT -5 gdaisy09 said:

We did the work on our house last summer through a mortgage refinance (basement, Windows, solar panels) we still carry PMI, but with the exception of the solar, the work needed to be done. We did a refinance with a construction rider. So the added home value from the construction was taken into consideration.

I had no idea that existed. Thank you for sharing! Did you have to ask about that? How did they figure out the value of the approximate value of the home with those projects done?