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americasil

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I want to either cash out refinance or get a home equity loant, how will this affect my credit score
I plan on selling my current home and buying another w/in 6 months. I owe $82,000 on my home now and it is now worth approx $150,000. I need money now to make some necessary updates to the home...new flooring, master bathroom remodel and granite in the kitchen. The comps in my neighborhood are going from $150,000 to $240,000, so obviously this is the time to sell, but i dont want to hurt my chances to be able to buy a new home if my credit score goes down. I am pretty much at 35% of my debt to income ratio at the moment

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If you get a loan to do the work it will cause a decrease in scores, but it should not be that bad. When you sell the house and pay off the mortgage loan on it that may cause a more significant score decrease though. Is your profit margin going to improve by putting more money into the place before selling it? Do these updates need to be made in order to sell the place? Those are a couple of questions I would be asking myself.

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