I own a home and owe 32,000 on it, payments are about 480 a month. Want to complete some projects in the back yard, need about 15000.00. Owe about 7 years. What is best thing to do?

Depends a bit on what your home is worth. If you have significant equity in it then I would think you could call a local bank and get a home improvement or home equity loan. If you dont have equity in it - and your home is currently worth about what you owe on it - then you might have a tougher row to hoe..

There are several ways to determine what would be best for your situation. You want to decide if a lower payment is more important or paying off your home faster is your goal. There are good Home Equity loan out there but they are adjustable and interest only; you would need to reduce principal by increasing your minimum payment. You can get a second mortgage for a set amount of years but the interest and payment is generally a bit higher. Refinancing your first there’s a lot to look at; the fees involved vs. amount borrowed loan term; you can get a 10 year with really good rates at this time. Ask the questions but think of what works best for you and your situation.
<A href="http://www.capitaladvantagemortgage.com">Andrew Hahn</A>

All home equity loans/lines of credit are not created equal, so you should educate yourself on the options if that is the path you wish to take; here is a place to start:
http://www.investopedia.com/articles/pf/05/041905.asp?viewed=1

Home equity loans incur the same kind of closing costs as mortgages and refinances, and you should shop around to get the lowest closing costs. You should also know that title insurance can be one of the largest closest costs, and it is possible to save 35+% on your title insurance in MS by buying it direct. If you'd like to learn more, please visit http://www.entitledirect.com.

Fred Kauber
ENTITLE DIRECT