<prompt> Human: Quick background: we bought a sfh fixer-upper in 2009 for 270,000 and has appreciated to just under 400k. We owe about 180 at 5.25. Household income of roughly 150k. We have been working on the house through the years and now it is time for the last, expensive push to completion. We have 20k saved to put towards it and I am expecting it to cost between 30-35k. House should be worth 475k when we are done comparable to neighbors. Not sure how long we will live here.Would it be better to refinance and roll the final costs into the new mortgage, or save up more and just pay cash?  <response>: I would kill two birds here. You have the equity so do a cash out refi for the amount you need, so maybe refi for a 220k mortgage and use the cash to pay. Youll be free and clear on renovation this way and also get a much better rate at least 1 percent better, likely more. If I were you I would have refinanced last year when rates were around 3.5. Now youll get something around 4 percent. 