Q. We're refinancing with hopes of also taking out extra money/loans for home renovations. It's a catch 22 though..the higher the appraisal the more money we can get back, but a higher appraisal would mean spending more on renovations right now. All the tips I find are for people who plan to sell their home. Anyone have any advice on what to do/not to do if we have plans for later?
A. Unless you are doing this as a renovation loan, you are confused. Let's say you owe $100,000 & your house appraises for $200,000. You want to do $25,000 worth of renovations. Only take out $25,000. There is not a certain amount you have to take out, only a certain amount you will be allowed to take out base on LTV. Plus, the lower your LTV the better your rate.
What happens when you default on certain types of loans?
Q. I know that when you default on a mortgage, you lose your house. When you default on a car note, they will repo your car.
But what happens when you default on these other loans?:
Credit card
Student loan
In-house financing for a major purchase (such as furniture, home renovation, etc.)
But what happens when you default on these other loans?:
Credit card
Student loan
In-house financing for a major purchase (such as furniture, home renovation, etc.)
A. the person who is (-) is right. also.. DON'T LISTEN TO KRISTY.. IT'S A SCAM. i reported them.
Im 18 years old and i already know what i want my business to be, could i start now?
Q. Im only 18 and want to start a home renovation business. Could I start my business off this young and still be able to get loans to get the house and the tools to renovate?
I also have no credit at this point and will a cosigner make it where I can?
I also have no credit at this point and will a cosigner make it where I can?
A. No. Take some business classes. Some community colleges offer business classes specifically for contractors. This will show the bank that you are dedicated and know what you are doing.
The only way for you to get a loan for tools or a house is if the cosigner is really the one who is getting the loan.
Work for a contractor for a while. Get licensed in a trade. This will give you the experience and the money and the license and the tools that you need to do this. Otherwise you'll start some rennovations and the building code enforcement officer will shut you down.
The TV shows make it seem easy, and when you're faced with a job that you don't want, it may be nice to imagine making money with your own two hands in a house. But it is easy to lose money on a project like this. You need to know more about how this works. You'll learn that by working for a contractor.
The only way for you to get a loan for tools or a house is if the cosigner is really the one who is getting the loan.
Work for a contractor for a while. Get licensed in a trade. This will give you the experience and the money and the license and the tools that you need to do this. Otherwise you'll start some rennovations and the building code enforcement officer will shut you down.
The TV shows make it seem easy, and when you're faced with a job that you don't want, it may be nice to imagine making money with your own two hands in a house. But it is easy to lose money on a project like this. You need to know more about how this works. You'll learn that by working for a contractor.
How easy is it to get a home loan IF?
Q. We want to buy a home for about 140,000, and invest about 40,000. Can we get a loan for the home AND the renovation?
A. Yes, you may ask about construction loans.
What are our options in addition to a home equity loan?
Q. My husband and I are taking out a home equity loan for a renovation project. We still need about $30,000. We can afford another payment. Any suggestions on what other kind of loan we could apply for? Thank you!
A. If you can't get additional funds from the home equity loan then its very unlikely anyone will make yet another loan on this property. You're going to have to get the money from somewhere else. ossibly you could get a bit more by not getting the home equity loan and refinancing the mortgage, or something but this sounds like a long shot also.
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