Aggie369 said:
We are looking at a pool with a hot tub, chimney/sitting area, and finishing out our covered patio...I dont know the cost yet, just looking at options if I want to do it
Im thinking an average large pool with hot tub would be 70ish and we are looking to do a bit more than that but like I said I havent got the estimate yet
I'm sure others will correct me if I'm wrong, but given the numbers you've mentioned, here's how it would probably work -
Let's say the pool is 20% of the house, so a $70k pool and a $350k house.
You can only borrow up to 80% of the $350k, so you can borrow up to, or $280k.
If you needed $70k for the pool and could only borrow up to $280k against the house, you would have to owe less than $210k on the house to be able to both pay off the original note.
This would then allow you to take the full 80%, or $280k, pay off the original note of $210k (or less) and have $70k leftover (or more)....
I think that is correct.