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0.10 Dollars($)
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 Posted: Wed Jun 11, 2008 5:47 pm Post subject: I want cash back at closing for repairs |
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| can i recieve cash back at closing for repairs |
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0.10 Dollars($)
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| Posted: Wed Jun 11, 2008 7:20 pm Post subject: |
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As long as the value of the home warrants the amount you are looking to borrow. One thing you need to be aware of is how this might affect your interest rate. If it is going to push you over 80 or 90% LTV than more than likely your are going to be charged a higher interest rate. Depending on the size of the mortgage you are looking to take out and what interest rates are available if you don't take cash at closing you might consider another means for doing your home repairs. Sometimes it would be worth it to take out a personal line of credit or 2nd mortgage loan to do your home repairs if it is going to save you tons of money on your first mortgage. I would talk to your morgage officer about what would be your best option.
Good luck |
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 smckaybiz
Community Experts
Joined: 24 Apr 2008
Posts: 106
Location: PA
11.22 Dollars($)
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| Posted: Wed Jun 11, 2008 7:23 pm Post subject: |
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"As long as the value of the home warrants the amount you are looking to borrow. One thing you need to be aware of is how this might affect your interest rate. If it is going to push you over 80 or 90% LTV than more than likely your are going to be charged a higher interest rate. Depending on the size of the mortgage you are looking to take out and what interest rates are available if you don't take cash at closing you might consider another means for doing your home repairs. Sometimes it would be worth it to take out a personal line of credit or 2nd mortgage loan to do your home repairs if it is going to save you tons of money on your first mortgage. I would talk to your morgage officer about what would be your best option."
Sorry that was me again, I keep getting a little too carried away when I first get on here and forget to login.
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Scott McKay
DiYCreditGuide.com |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1455
Location: bloomfield, ct
65.86 Dollars($)
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| Posted: Fri Jun 13, 2008 10:32 am Post subject: |
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if you are contemplating a purchase of a property, then cash back at closing to enable you to make repairs is doubtful. if you're talking about a property you own at the moment and you're considering a refinance, then you might be able to get some cash back.
generally, unless you're doing a "rehab" loan, you'll be limited to the maximum percentage of the home value for the product you're working with (be it 80%, 90%, 95%, etc).
on purchases, generally, you won't be able to get repair money.
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George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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