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Real Estate
Reply to "How can I refinance significant renovations/improvements in a new purchase?"
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[quote=Anonymous]How much cash do you have right now? 20% on $450K is $90K, on a $600K house is $120K. So right from the get-go, if you buy the fixer-upper, you have at least $30K for immediate renovations. Then I'd ask your lender what sort of home equity line you could get for the $450K house if you put down 20% upfront. Say that's another $45K for the second round. Then you could religiously save the difference between the $360K mortgage+home equity and the $480K mortgage and use that for future work. Just one idea...[/quote]
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