Posted on: 02nd Jan, 2009 12:49 pm
Should I mortgage my home? My husband and I are thinking about completing 3 apartments a the back of our home and need about 50,000 to complete. Then once completed we can sell the entire home with apartments and pay off both loans and get another home wihout a morgage. Should we do this?
without knowing any of the details of your life that would contribute to your decision (income, credit, assets, value of the home now, etc.), i guess i would say go ahead and move forward.
it certainly sounds like a reasonable thing to do, particularly if you believe that adding the apartments will enhance your value and therefore the marketability of the home also.
it certainly sounds like a reasonable thing to do, particularly if you believe that adding the apartments will enhance your value and therefore the marketability of the home also.
Hi tamecabeneby,
I agree with George here. Taking a mortgage is a good idea but you should remember that the lenders will take into consideration your income as well as credit score. With the current market conditions, lenders will not agree to give you a loan if you don't have a good credit score and income history, lenders will not give you a loan.
I think you should speak to the lenders of your locality and check what kind of rates and terms they can offer you. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. They will tell you what kind of rates and terms you can expect to get. They will also help you to know about the prevailing market rates and terms.
Thanks
I agree with George here. Taking a mortgage is a good idea but you should remember that the lenders will take into consideration your income as well as credit score. With the current market conditions, lenders will not agree to give you a loan if you don't have a good credit score and income history, lenders will not give you a loan.
I think you should speak to the lenders of your locality and check what kind of rates and terms they can offer you. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. They will tell you what kind of rates and terms you can expect to get. They will also help you to know about the prevailing market rates and terms.
Thanks
