Quote:
Originally Posted by The Bad Guy
What I'm looking at would add about 300 dollars a month for a 10 year home equity loan. Main purpose is to finish basement which a ballpark cost is going to be around 20k and then pay off the students loans the wife and I currently have which is around another 20k. I'm paying well over 300 right now on those loans so the payment isn't the issue.
I didn't realize there was an approval process though. So with finishing the basement, I will need to have the plans and the estimates before they would give me the money?
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No, they will just appraise your house to make sure you have the necessary equity to back the loan.