Depending on the scope of your home remodel ideas, you may need to finance your project. Homeowners who have built up equity in their home may be in a position to take out a home equity line of credit (HELOC), but your home must be appraised before you can be approved. Websites such as Zillow.com can give you a rough idea of what your home might be worth, so you can get a ballpark figure. Then, you can calculate 75 percent of the home’s current value and subtract what you still owe on your mortgage to calculate approximately how much your line of credit might be.

With interest rates still relatively low, you might consider refinancing, in which case there are mortgages for which you may be eligible that allow you to roll the cost of the home improvements into the financing.   You’’ll need to go through the whole mortgage process and have a contractor’s estimate of how much your renovations are going to cost. That means you’ll need to get a contractor involved before you pursue financing. From the time you initiate a refi until closing may take several weeks, so figure that into the timeline for your remodel project.

 

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