Return to the Buying and Selling Homes Forum | Post a Follow-Up

Additions and the home closing process

Posted by jessiemac (My Page) on
Sun, Mar 11, 12 at 14:50

Hello! My husband and I are just wrapping up building our fist home. My question is, We added a few things during the building process i.e. upgraded to stainless steel appliances, better windows, etc, Does the cost of those add-ons get wrapped into our loan at closing or do we pay cash for them? Any knowledge helps thanks!

Follow-Up Postings:

RE: Additions and the home closing process

Is it builder financed, or bank?

Usually, with a bank mortgage after a build, you will only be given a mortgage for what your house is worth, not what you paid. Often, that is less than what you paid, and so you will be "paying cash for them". But, it depends on your area, your appraisal, and your financer.

RE: Additions and the home closing process

Do you have a construction to perm loan? If so, the loan is in process, as is the agreed upon price. Any upgrades will be paid by you. The only way to add them back into the loan amount is to do a refinance, which is cost prohibitive to do for only a few thousand dollars of upgrades.

 o Post a Follow-Up

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 Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • 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 your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • 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.

Learn more about in-text links on this page here