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We are getting renovations done and want to refinance, but worried that rates will go up even more by the time the improvements are done. Can I refi now?

by jessica973 from Redvale, Colorado. Nov 22nd 2016 Reply


Mike Trenkle (MikeT@MKMortgageGroup.com)
#22 ranked lender in Colorado - 12 contributions

Hi Jessica,Yes, you can definitely refinance before the renovations are done. I'm with you on the concern for interest rates increasing. They have been going up for several weeks now. Give me a call if you want to talk about your options.Have a great day! Kelley JaegerMK Mortgage Group, LLC303-537-4539

Nov 22nd 2016
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Nick Bebout (NickBebout)
#101 ranked lender in Colorado - 25 contributions

If you are wanting to get a value based on the renovations being complete, it will really depend on when the renovations will be completed. You can start the refinance, and get an appraisal that is "subject to" the completion of the renovations/improvements. Once the improvements are complete, the appraisal will need to verify the work has been done, and an "as is" appraisal report will be issued. I hope that helps. Nick Bebout / American Liberty Mortgage. 303-458-3778.

Nov 22nd 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

The best answer is to get started NOW.

Nov 23rd 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Nick raised a good question, when will they be done? Yes, it is possible depending on the details

Nov 23rd 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,411 contributions

Refinancing your home with in the process of renovations is problematic, and all comes down to what you are doing, when it will be done, etc. If you have an FHA, VA loan, or certain types of conventional loans taken out before June of 2009, and don't want any extra cash out, you can do a refinance with no appraisal. If not, or you want cash out you will need an appraisal. If repairs are in progress, you'll need to have those completed PRIOR to closing in most cases. So you can start the process now, lock rates, but plan on being finished before closing. For loans in MN, WI, and SD, visit me at www.StPaul-Mortgage.com

Nov 30th 2016
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