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Money and Finances
Reply to "Financing a teardown - who to use?"
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[quote=Anonymous]We used TD bank, not really recommending them per se, but it worked. We also talked to Bank of America, but their rate was slightly higher. There was no way to keep our old mortgage- we asked, but none of the banks said it was an option We moved out and rented for a year nearby and it really was not as awful as pp was describing. Our old house would have required major renovation, which would have also required moving out. The hardest thing was seeing our old home be torn down. We had lived there a long time and all of us were sad about it- but especially my kids. I do think we used a little cash- for the initial deposit to the builder and also for some other small amount- I can’t remember what. Otherwise, it was all equity that was the basis of the “down payment” on the loan. [/quote]
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