Trying to move debt to my house
I'm looking for guidance from a mortgage lender or broker. I own a home in Port Richmond that I completely renovated, changing it from a 4-bedroom, 1-bath home into a 3-bedroom, 3.5-bath home with central air, updated appliances, new flooring, fresh paint, and solar panels. Despite these upgrades, it only appraised at about $340,000, which I believe is well below its true value.
I'm hoping to access some of my home's equity to consolidate debt. Some lenders have told me my debt-to-income ratio is too high, but the purpose of the loan is to pay off much of that debt. I also have tenants moving in, and the rental income will help cover the mortgage payments.
I'm looking for someone who can review my situation, determine whether I qualify for a cash-out refinance, HELOC, or home equity loan, and advise whether getting a new appraisal would be worthwhile.
Hello,
I am trying to take a money from the equity of my home to pay off debts and use for some other things. I purchased a home that