|
| We have refinanced our whole house remodel 3 or 4 times - I lose count, and will need to max out the current one to get our floors in in 4 rooms. Should I consider a construction loan to finish to preserve the remaining home equity for other expenses (such as son's college tuition, car expenses, etc.)? |
Follow-Up Postings:
|
| Don't construction loans usually come with short terms, with the expectation that you will refinance the mortgage after construction is complete? |
|
- Posted by pamghatten (My Page) on Tue, Nov 28, 06 at 13:50
| I don't think you can get a "construction" loan for a remodeling job. You can get a second mortgage that can be used for Home Improvements. But true construction loans are usually Interest Only draw loans to build a new house. At the end of construction they are then "modified" into a regular first lien mortgage. |
|
- Posted by dave_donhoff (dwdonhoff@hotmail.com) on Tue, Nov 28, 06 at 22:08
| Hi jubileej, Something simple is missing here; I'd suggest getting a properly structured renovation loan in place. A good loan officer will walk you through the paces, which (in itself) will help gel your working plans & budgets, and FINALLY bring the project to completion for you. Getting the project done all in one coordinated process will be cheaper and less stressful to you overall, and then you will finally be able to get a standard, long-term financial plan in place. Luck! |
Please Note: Only registered members are able to post messages to this forum. If you are a member, please log in. If you aren't yet a member, join now!
Return to the Household Finances Forum
Instructions
- You must be a registered member and logged in to post messages on our forums.
- Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review the contents and make changes.
- After posting your message, you may need to refresh the forum page in order to see it.
- It is illegal to post copyrighted material without the owner's consent.
- HTML codes are allowed in the message field only.
- No advertising is allowed in any of the forums.
- If you would like to practice posting or uploading photos, please visit our Test forum.
- If you need assistance, please Contact Us and we will be happy to help.