What is the best way to finance a rennovation on a house?
Rennovation try to do something important in my house and find the best how finance dug my brain. I can not understand the advantages and disadvantages of the refinancing, second mortgages, credit lines, etc. A bit of history about the house is located in the northern New Jersey in a very high demand. I bought the house more than 6 year, $ 215K is now worth about $ 380k. Our current mortgage is approximately $ 175K. I think my renovation cost about $ 200k-$ 250k. We intend to be in this house for a long period. We are looking for add a 2 car garage, extension of stay, return to the kitchen and adding a master bedroom. any advice on what direction I should head pifalls to consider would be greatly appreciated.
HELOC calculator, http://www.choicefinance.net/calculators/should-i-use-heloc.php
Fanie Mae HomePath Renovation Loans