What happens if we don't have the money from our existing home to pay into the construction loan? Will we have to keep the loan at that amount. Will we be able to put the money from our existing home into
the loan once we get it? Will we have to refinance the whole thing to do this and go through another closing? We would appreciate any answers that are based on facts only. Thanks.
2007-02-12 03:33:27 · 3 answers · asked by ursaitaliano70 7 in Business & Finance ➔ Renting & Real Estate
I do know that I have heard of construction loans being extended even until the sale of the house.
2007-02-19 11:12:17 · answer #1 · answered by floatnfun 4 · 0⤊ 0⤋
the answer is extremely trouble-free...you need to placed you earnings route of regardless of has the optimal interest cost. do not forget that maximum second motgages have a balloon price on the top, oftentimes after 10 or 15 years, so all you're fairly paying in the present day's interest and not in any respect theory. also, with it being a variable cost, and with prices no longer fairly reducing, its even more beneficial major to pay down your second loan. solid success!
2016-12-04 02:11:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Assuming you'll qualify to make payments on both houses, do this:
On your new home, get an 80/20 or 70/30 or 60/40, or whatever, just so that once you sell your present home you can pay off the second on your new home.
2007-02-12 03:45:12 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋