Confused about mortgages. Help!?

We have two mortgages; one for $50,000 and the other is a home equity line of credit for $25,000. We own a rental worth$120,000 and is paid for. Our business is not in debt and is worth $300,000. The problem is we have used the mortgage and home equity to totally remodel and upgrade the rental. Now we are having trouble figuring out how to pay for our own home's remodel and roof, drywall, wiring etc. It won't have much equity in it as it stands. Any ideas?

Get a line of credit against the rental if it is paid for.....

I would hold out another few months...the FED WILL CUT RATES AGAIN. Guaranteed.

It could be as low as 2.5 percent key rate by the end of the year.

Why not mortgage the rental? In principle, you probably should have taken the mortgage out on the rental to pay for the upgrades there (helps allocate the debt to the place it will be used), but if you take a mortgage out on the rental now, it's essentially the same idea.

Either way, you've got a mortgage on both (probably at a better rate than if you loaded up one of the houses) and you'll be able to fix things up as you'd like. Under no circumstances would I load up the business with debt for a personal expense (I don't even know if that's legal).

That being said, it's going to be tough getting a new loan now, given the state of the credit markets...

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