My husband and I?want to refinance soon.? We bought our home in 2008 for $311,000 and have made several improvements.? Based on similar local sales, I believe it will appraise for around $320,000 now.??We currently owe about $278,000, so?we do not have 20% equity.??We would also like to finish?the basement, which I am estimating will cost about $20-$25k, or possibly less, because we?are willing to?do some of the simpler work ourselves (painting, etc.).??What are?the options?? Can?we do a cash out refinance???We are?already paying PMI, so what are the pros/cons of?cashing out on?a first?mortgage, if we are eligible?? Do any lenders look at the estimated value after improvements for the refinance?? Would we be better off?refinancing the first, then getting a second for the improvements, or would we even qualify for?a loan like this?? (Our credit scores are in the 750 range,?debt ratio is less than 20% with mortgage, and we have 4 and 18 years with current employers.)
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