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home refinance and improvement loan

by greasy_824_238 from Ponca City, Oklahoma. Aug 13th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Yes you can do that...what is your specific question?

Aug 13th 2012
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

FHA 203k refinance will allow for the refinance of your current mortgage balance plus cost of home improvements. Speak to a local lender about this program.

Aug 13th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

FHA 203K is a good product.. If you want to use conventional, you would need to do a cash out refinance and use the funds to remodel.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 13th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

IF YOU need to do a rehab on your home, and your new loan with the rehab dollars is estimated into that figure, and if over $200,00 I can your loan. please check out my website at www.yourloanpartnerforlife.com linda

Aug 13th 2012
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Wayne Barnes (wbarnes)
#4 ranked lender in Oklahoma - 12 contributions

If you are wanting to do a refinance, you would have to have some equity in the home if you wanted to get some cash out for any home improvements. Put some thought into a refinance. The closing costs will increase your loan amount. However, if you are getting a much better interest rate this could be beneficial to you. If you have equity, another option may be a second mortgage. The benefit in a second mortgage would be a shorter time for pay off of the loan. I would encourage you to consider more of the options I mention here.

Oct 22nd 2012
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