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how do i look at getting a home improvement loan and make it part of my morgage

by leon.hawkins607 from Oklahoma City, Oklahoma. Sep 25th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

There are 2 different loan products for a 1st mortgage.. one is FHA's 203K renovation loan. With this loan, you limited to a maximum loan amount of $271,050. You have to hire an FHA approved consultant (at your expense) and only certain repairs/improvements are allowed.. With FHA, regardless of your equity position, you will pay an upfront MI policy and pay a monthly premium for mortgage insurance.. The better option is the conventional HomeStyle renovation loan.. no upfront MI, no monthly MI if you have 20% equity, no consultant necessary, and your not restricted to what you can do to your property.. Another option would be to get a 2nd mortgage or a HELOC, with a HELOC being the better choice.. you apply once, and have unlimited use of the funds throughout the draw period (usually first 10 years).. For all your options, it's best you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Sep 25th 2015
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

One of the best ways is to look into a cash out refinance loan. This all depends on the equity you have in the home but this is a great way to get the money you need for the home improvements, you will refinance the old loan take the needed cash and have one loan.

Sep 25th 2015
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Nick Utesch (nick@valoansok.com)
#2 ranked lender in Oklahoma - 22 contributions

A lot will depend on how much equity you have in your home. As others have mentioned, there are options where you can do a mortgage to refinance your existing loan and obtain cash out (with qualifying credit and equity) and there are also options to obtain a 2nd mortgage. I am a local mortgage broker in Oklahoma City and would be happy to help you with that. You can reach me at 405.308.4208. --Nicholas R Utesch; NMLS ID # 214427/216693; Progressive Financial Services Corp. www.loanwave.com or www.valoansok.com.

Sep 25th 2015
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