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Company Loan Type APR Est. Pmt.

borrowing extra money for mortgage

Posted on: 07th Sep, 2006 06:19 am
My wife and I are looking to purchase our first house. We only want a house with a swimming pool. When we are looking at houses, are we going to be limited to houses that already have swimming pools?

In other words, I was wondering if it is possible to borrow extra money to have a pool built if we can't find a house we like that already has one. We have enough money for 20% down and getting credit approved won't be an issue.

I would rather use the money we have saved for the downpayment instead of the pool because otherwise I'll have to pay PMI. Ideally I'd like the pool costs tacked onto the house costs and then pay 20% down on that. Is that even possible?

I would say that you make the down payment and avoid the PMI.

You can purchase a larger house then build a pool later on in future.

Posted on: 07th Sep, 2006 10:12 am

I guess it's possible to get a loan for the house as well as to built a pool and it's better to make suitable down payment instead of paying more through PMI. You need to mention this to your lender and find out what he has to say.


Posted on: 07th Sep, 2006 11:12 pm
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