Posted on: 23rd Feb, 2008 10:31 pm
my husband and i started building our home back in '05 and we are still working away at it. my husband is doing all the work himself and we are out of the contruction loan phase and into our 10th full mortgage payment. we want so bad to be living in our new home but money is sooo tight. our thoughts were to go ahead and get a second mortgage to finish our dream home and to consolidate debt in the process. the great thing is our house is well appraised over the amount that we borrowed to build. is it too soon to get the 2nd mortgage?? help :?
There are a few options here. You may want to look into a construction loan to finish the project. Depending on how much is done, you may be able to get a second mortgage, but most lenders wont do it if the home is not complete.
i think lisa makes a good point in suggesting a construction loan to finish the work. it sounds like you went through that originally, and converted to a permanent loan last year.
you would probably be well-served to investigate the possibility of additional construction financing at this time, rather than a second mortgage. as lisa pointed out, most (if not all) lenders would not consider secondary financing unless the home was complete.
you would probably be well-served to investigate the possibility of additional construction financing at this time, rather than a second mortgage. as lisa pointed out, most (if not all) lenders would not consider secondary financing unless the home was complete.
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michael, if you plan to post, please do so with something cogent.
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if your only aim here is to advertise, please keep in mind that advertisements are not in order on here.
if you have something to add to the discussion at hand, that is wonderful. if not, please refrain from the posts we have seen so far.