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My husband and I bought a small home less than 2 years ago. We're looking to add a second floor and garage so that we can remain in the home for a long time (adding 3/1 so our home would be 3/2 instead of 1/1).
In today's market, what type of loan would we apply for? We have no equity but good credit AND the ability to pay for another loan of this magnitude. |
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Talk to a local banker-see if you can get a construction loan for the new stuff, and then when done, roll over construction loan with current mtg. into a new mortgage at today's low rates.
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Your home has to appraise for more than you owe on it to borrow money against it, there is just no way around that. The bank is not going to put itself in a position to be left holding the bag if you should default on the loan for some reason. Because if you should skip out (not saying you would, just speaking hypothetically) then they would not be able to sell the home and get their money back.
The only other way to get money is to borrow money against something else. Do you have any other real estate? ~ Joy ~ "None are more unjust in their judgments of others than those who have a high opinion of themselves." Charles Spurgeon |
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