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anonymous2345
Guest
0.10 Dollars($)
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Post subject: home loan |
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| How do I get a remodeling loan for my home that i only been in for less than a year want to add a 2 car garage. |
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Guest
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Post subject: |
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| I don't think any lender would agree to give you a remodelling loan for a home that you have purchased for only a year. I think you should wait for a year and then apply for a remodelling loan. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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well, guest, i don't agree with your stance about the length of ownership, but i will have to say that it's a very difficult thing to do to obtain a loan that will allow for construction of anything to an existing structure.
what you may want to do, anonymous, is to check with your local community bank and/or credit union(s), as this is the type of lending that they'll probably be best at. a lot, of course, depends on how much equity you have in the home; but national lenders have, for the most part, departed from this type of lending.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Hubert
Guest
0.10 Dollars($)
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Post subject: loan |
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| hi, I get a commercial line of credit from the bank for 36.5k now the bank call for it , I own a house with about 35k equity should I refinance are a second mortgage |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi Hubert,
I think a refinance is a better option than a second mortgage. If you take a second mortgage, you will be liable to pay two mortgages. But if you refinance the mortgage at a lower rate, you will have to pay for a single mortgage and the payments can also be low.
Thanks |
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jericafox
Guest
0.10 Dollars($)
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Post subject: 2nd mortgage |
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if i purchased my home for 120,000 and my balance on my
first mortgage is 97,000 can i get a 2nd mortgage. I'm not
sure how all of that works. I'm needing to borrow a 100,000
is that possible. i have excellent credit |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi jericafox,
Yes, you can try getting a second mortgage. As your credit is excellent, I don't think you will face much problem in getting a mortgage. You can contact few lenders and get to know what kind of rates and terms you will be receiving from them. This will give you a fair idea whether you will be able to afford the loan or not.
You can also speak to the lenders of this community and get a no obligation free consultation from them. This will help you in knowing the rates and terms that you can expect to get.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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jericafox, you didn't state when you purchased your home. if it was a recent purchase, then your equity position isn't going to be strong enough for you to obtain a loan for $100,000. credit is obviously most important in the borrowing process, but mortgage lenders are restricted by property values, regardless of credit standing.
what you need to determine is the value of your home now. that will provide you with the information you need to see if a loan would be available to you as you described.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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anonymous3
Guest
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Post subject: recent refinance in Texas |
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| We recently refinanced our home. The value is appraised at 960K and our mortgage is 417K - with a 30K cash out. We are in desperate need of cash. Would you advice taking out a 2nd mortgage, and is that even an option? We do have good credit but with the markets we can't sell stocks and we need to consolidate some debt to make it through this recession. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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based on the value you describe, you'd be able to obtain a second mortgage, if all else is equal (income, debt, etc.). i assume that you're trying to consolidate in this situation. that would certainly seem to be in your favor, if the overall effect is to reduce your overall obligations.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Guest
0.10 Dollars($)
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Post subject: |
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| Would i contact someone like you? Please advise. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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you certainly may do so.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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shirly
Guest
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Post subject: second loan |
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| I own a moblie home its value is 60,000 and I wan to get money out of it with the title. How much would to intrest be if I would to get a loan for 10,000? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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shirly, wherever you live there are likely to be lenders who grant mobile home loans. check with them, first; secondly, check online with an internet search to see who'll do that kind of business. borrowing so little might make the deal more expensive. it's the kind of loan amount that isn't going to make much money for anyone to begin with, so you'll often find that the interest rates quoted are high.
you might be able to get a personal loan just as easily at a reasonable interest rate. check with local banks and credit unions.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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patfrank
Joined: 21 Apr 2009
Posts: 4
2.09 Dollars($)
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Post subject: VA Loans |
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| Please tell me how a va loan works. My fico is 729. Is this type of loan used for lower priced housing? I want a loan which includes Prin, Int, Taxes, and Ins. Please Help. Thank-You, Pat |
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