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We want to do a large home remodel; how can we finance it?

Trying to figure out if we get a home equity loan now and then re-fi later?  Personal loan now and then roll into a re-fi?  Is there such a thing as a construction loan?  How can we do this?  Current home value about $280k, current loan amount $188k, think future home value would be $350k to $360k.
  • October 09 2011 - Lakewood
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Answers (3)

I suggest you contact Nic. He's in CO.
http://www.zillow.com/profile/Colorado-Lender/

Happy funding, Rudi
  • October 15 2011
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DO NOT do an FHA 203k.  You will incur MORTGAGE INSURANCE...

These fees are VERY EXPENSIVE and on your loan would be at least $3,000.00 financed in UP FRONT MI  and also MI paid monthly in your mortgage payment to the tune of $287.00.  CRAZY RIGHT????


You need a Conventional Renovation product!  Since you will have 20% equity on the final home value, you will NOT incur MI.  I have about 3 different versions of this loan.  The rates/APR's are in the LOW to MID 4's and there are zero points.  Also, all costs can be financed, so it is an amazing loan.

Please feel free to look up my contact info in my profile and reach out to me. I would be delighted to assist personally.

Best,
b
  • October 14 2011
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Profile picture for Charles Moore
You could do an FHA 203k rehab loan or take out a 2nd mortgage to finance the repairs. The costs to take out a 2nd would be less than the FHA loan, but which option is better will depend on the extent of rehab along with how long you plan to stay in the home. Feel free to give me a call or email to weigh the options.
  • October 09 2011
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