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Real Estate
Reply to "Things to know before buying a teardown in Arlington, mortgage and otherwise"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You can’t tear down a house you have a mortgage on. [/quote] Actually, you can, we’re doing it now. The company we got our construction loan from [b]bought out our remaining mortgage [/b]and it was added to the build loan. To the OP, I’d find builder first and work w them to find your lot. Also, start talking to lenders who handle construction loans to figure out how you would work this. Sandy spring, citizen one, us bank and bbt are a few who offer construction financing. [/quote] You don’t have a mortgage on your house. Exactly. Instead you have a higher variable rate loan tied to an expensive and variable construction project. Oh. And you need to find a place to live [/quote]
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