monthly payments
Question: The real problem, as I found out this morning when the rain stopped, is that the CableTV is screwed into the tin overlap on the facia and has pulled it loose. This has caused a lot of rot under that area and has actually pulled a dip into the roof. Water is going up under that (I presume) and then leaks down the inside wall somewhere near where the electric service pipe goes through the roof…
Besides that the whole roof is bad, and there is some other areas of rot. Rather than attack it peicemeal I was hoping to just pull off the roof, fix the damage then put on a new roof.
But I was sort of hoping that there would be a way to tag Home Improvement Loans onto the actual mortgage so that the monthly payment would be un-noticeable. I have room on my credit card to do the work but can’t afford the monthly payments
Answer: Definitely don’t use your credit card. A separate home improvement loan would be at a significantly lower rate (if you shop around) and the savings would be substantial. Even a separate signature loan would likely be a few points cheaper than your credit card. As a matter of fact, never use a credit card for purchases it will take you longer than two or three months to pay off — it’s convenient but the interest rates eat you alive.
It wouldn’t hurt to go through the motions on a refinance deal, to see how it works out, but I doubt that it would be very advantageous. You might get a lower initial payment than with a separate loan on top of your current mortgage, but over the life of the mortgage you likely would pay significantly more, if your current rate is reasonably low.
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