Reply to How did you pay for your renovations? HELOC? LOC? Cash? HEL?

Forum Index » Home Improvement, Design, and Decorating

Reply to "How did you pay for your renovations? HELOC? LOC? Cash? HEL?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are doing construction to perm and refinancing our whole mortgage into our new appraised value. [/quote]  We're doing this too: we didn't have enough equity, and were considering refinancing anyway - best of both worlds this way.  Our house appraised for just under what we paid initially and what we're putting into it.[/quote]

I'm the PP. You're ahead of me, we haven't gotten to the appraisal yet and I'm a little nervous that we will be close to cover our expected costs. We want to save a lot of cash on hand to cover extras and decorating. How did that process go? What do you mean your house appraised under what you paid/put in? So you're not that badly off? [/quote]

House appraised (during loan process) for about what we initially paid, plus what we're paying for the new work (it was about 3% less: so with a $1.5M house, that margin is pretty good I thought - but did mean that we had to bring more cash to close than I wanted to (means less money in our furnishing & some day vacation budget).  We could have had the house re-appraised (the bank hires the appraiser - I think we could have requested that still) but we were up against time since we wanted to close and lock in the good interest rate on the loan which has started creeping back up.  Good luck!  We did get quotes from several banks - not a ton do construction loans, but rates varied wildly! [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics