It is happening, folks.
The banks are just now loosening up their financing and
lending money for home improvement projects (like
that deck, porch or sunroom you've
been putting off)... and at interest rates lower than
any I can remember. A few days ago I personally
locked in a no point mortgage refinance at 5.0%...
and took a nice chunk of equity out of my house at
the same time (and cut my monthly payment).
On the same day my 23 year
old son locked in his permanent mortgage at 5.0% (no
points) to refinance his current construction loan.
we use told me she will give me a Home Equity loan
at 2.75%. That is no typo. 2.75%.
By the way, she took literally
10 minutes on the phone for my application and for
Talk to your bank or credit
union. If they can't match these financing rates, email
or call me and I will give you my bankers' contact
information so you can get a great rate, too. (By the
way, she told me today that she is getting swamped,
so do not delay.)