Can you refinance a week after closing for upgrading and repairs.?

Question

we have 100% financing and 0 at closing.....on this house right now.......does that make a difference.........and is it better to go with a bank or a mortgage company for the refinancing.........

what is a pre-payment pentalty......?

Answer 1

If you are at 100% financing, then you really dont have any equity in your home to do any type of upgrades..

If you can get an appraisal for more then the house is worth, then it is definitely possible...

There are programs out there where you can go up to 115% ltv (loan to value ratio), but there are strict guidelines to qualify. All banks have different programs and guidelines to how you will qualify.

What you need to do is have someone analyze your credit, and simply let you know if you qualify for a program like this.

If you have okay credit, and are employed, it is very possible that you can get a loan for more then your house is worth..

My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I work with many investors that have programs to borrow more money then your house is worth. I'd be happy to assist you in refinancing to do the improvements, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.

Feel free to give me a call at 312-264-6448, or
you can email me at [e-mail].

Thank You,

Jason Fry
Providential Bancorp

Answer 2

Yes, you can. what you have to do is decide why you want to and procede with caution. there are a lot of companies that will eat you up with fees. So yes...but be sure about what is you want to accomplish .

Answer 3

Possibly, but you will probably have to pay closing costs again.

Answer 4

Make sure you do not have "pre-payment penalty"