Looking for advice for getting a Home improvement Loan?
Katydid asked:
We still owe on our home, but it is too small so we want to buy the lot next door and add a room on.
I need a simple solution for the best way to find the financing, hopefully from someone who has had a pleasant experience. We have good credit and have about $25 equity in our home.
we live in the south so things are cheaper. I can buy the lot for less than $5000 and add on the room for less than $15,000.
Thanks.
Revision– The addition will not be on the additional lot. But I will have it as equity for the loan.
Where should I go in Texas for a home-
improvement loan?
We still owe on our home, but it is too small so we want to buy the lot next door and add a room on.
I need a simple solution for the best way to find the financing, hopefully from someone who has had a pleasant experience. We have good credit and have about $25 equity in our home.
we live in the south so things are cheaper. I can buy the lot for less than $5000 and add on the room for less than $15,000.
Thanks.
Revision– The addition will not be on the additional lot. But I will have it as equity for the loan.
Where should I go in Texas for a home-
improvement loan?
January 31st, 2009 at 4:12 am
Have you talked to a professional?
January 31st, 2009 at 10:45 pm
talk to a loan officer about a home equity loan.
February 3rd, 2009 at 7:26 pm
Before you get too far you had better check with the planning department about adding onto an existing property on another lot. They have to readjust things for the taxes to be correct. Your bank would also not be too happy about having to worry about you literally loosing part of the building.
February 5th, 2009 at 2:37 pm
Absolutely talk to zoning first. Also, you will need to deed the 2 properties together for anyone to give you financing.
Did you know some banks are telling people their HELOCs are closed for further use? Doesn’t matter if they have excellent payment history or not. You could have a hard time getting financing for this.
February 8th, 2009 at 9:56 pm
Hi
I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of even with a bad credit. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address Please tell him that Deborah Kirk he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
Thanks.
Deborah Kirk