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#1 by stillhappy89 at June 16th, 2009
Dee after closing Key word after go to the bank an ask for a personal try not to take a 2nd.
#2 by bianca at June 17th, 2009
if you want money to renovate your house you can do 2 things:
put less down payment and save cash for remodel ( you can refinance later if you have to take higher rate) or apply for rehab loan , which lender lend you the money to make your improvements. works very similar like new construction loan.
#3 by jbw4132 at June 17th, 2009
One thing you could do is negotiate some cash back in the sales contract if the seller agrees to this, talk to your realtor about this option. Or you could talk to your lender and see if you will be able to also attach a home equity line of credit at the time of closing but be aware it will change the LTV (Loan to Value) and it may raise the interest rate on the first. Or you could wait a little while and then take out a HELOC (Home Equity Line of Credit).
#4 by boston857 at June 19th, 2009
2 ways to do this….
1/ take a 2nd mortgage/HELOC on the house to fund the renovations…..so your loan will be 80-10% LTV…
2/ increase the loan amount on first trust mortgage based on “as will be” value of the house after the renovations…..you will need to provide the bank with a cost break down of the renovations, a builder’s contract if available etc….
#5 by Searchlight Crusade at June 20th, 2009
If you have a down payment, make less of a down payment and get a bigger loan than you otherwise would have. The rate/price tradeoffs are better for purchase money than for cash out.
If you don’t have a down payment, you’re going to have to come up with the money from somewhere else. A personal loan (wait until after your mortgage funds and you’re in the property to apply), savings, something. Lenders will not lend more than the purchase price to purchase a property. I have been told of some machinations that supposedly allow the purchaser to receive cash as closing, but one thing every single one of them has in common is that they are *FRAUD*. As in serious, go-directly-to-jail and be a convicted felon for the rest of your life *FRAUD*. Particularly in the current market environment, a really bad idea.
#6 by Antal T at June 21st, 2009
I could answer those questions online for you if your interested. I’ll need a few more details and I could price out this scenario for you.
Antal
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