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I want to buy a very small cute home in Texas. Its listed at 65,000! Its been on the market for nearly 2 months! How long can this go on? What happens when they just dont sell?
..I cannot ... |
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| My landlord called me today that he will be showing my apartment, but I am out of town. I have some dirty pots and pans and some dishes I left. My bathroom is generally clean but my bedroom I don�... |
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| Some Texas Oil Companies are trying to lease my mineral rights. What happens if I choose not too participate? |
| I live in Fort Worth Texas and the leasing company is Four Sevens Energy. I live in a town home and only only a small parcel of land. The surface stuff will happen on someone else's land. I ... |
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| I was driving a neighborood and saw this cute house for sale. I don't have an agent yet, but have somebody in mind I want to work with, but not yet. Anyway, I was thinking about calling the ... |
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piggie | Using equity on my property to build a much needed extension? |
Can I use equity in my property to build an extension without any hidden payments etc from my lender? I can't afford to get a bigger mortgage to extend. I know that house prices are falling at the moment but as we can't afford to move it shouldn't matter. All advice is welcome. |
 |
 
John S
 |
I am confused. Getting home equity without remortgaging...
Remortgage
http://www.financecomparator.co.uk/remortgage.html
Compare re-mortgage deal
http://www.financecomparator.co.uk/mortgages.html
Secured Homeowner Loan:
http://www.financecomparator.co.uk/securedloans.html
Before all of this, check your credit report:
http://www.financecomparator.co.uk/creditreport.html |
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ascoile
|
Depends what you mean by "hidden payments" there will be fees for valuation, survey, admin etc.
Bearing that in mind yes you can. |
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mark
 |
You may be able to use the equity you have in your home to secure a loan for home improvements - but you can only liquify that equity by selling your home (or part of it)... |
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golferwhoworks
|
yes you can use the equity in your home to build on ---but if you cannot afford a larger mortgage --how are you going to pay for it. Kind of redundant isn't it. A HELOC is interest only for typically 10 years but it is adjustable to prime. A fixed second deed of trust is at a higher rate than the first so in any event the lender wants to be paid
I am a mortgage banker in TN & KY |
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Cornish Granny
|
A lot of people are doing that where I live. Talk to your Lender. Unfortunately there is usually a set up fee and they will also want to re value your house. |
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Kristee
|
There will be plenty of fees involved...that's for sure. Construction loans like this can really be a pain in the neck so you should research the process with a lender before making a final decision.
You have equity? Count yourself lucky. Have you checked recently to be sure? |
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src50
 |
How are you going to "use equity" without a bigger mortgage or HELOC? |
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vtgt
|
You have 2 options - take out a home equity loan or refinance. In either case you are increasing your debt. A home equity loan usually comes at a higher rate and your total debt payments will increase becuase you will now be paying your mortgage and your home equity payments.
Refinancing may be the better solution but it depends on the interest rate you are paying. You would refinance for the amount of your current mortgage balance plus the amount of the addition. You monthly payments will be determined on the total amount borrowed plus refinance fees. And you can only borrow up to the value that you home is appraised. During the refinancing process, a current appraisal is generally required.
So it's impossible to know for sure which option, if any, is good. It all depends on your current mortgage balance, current mortgage interest rate, and the appraisal value of your house.
You should also ask yourself.. is the much needed extension really a need or a want. Is it worth strapping yourself to additional debt? You might be able to work it so the monthly payment don't change, but the number of years you owe will most definitely go up. |
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Born to Run
 |
I don't think so. |
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sinyorita
|
You can apply for an HELOC and see if you will get approved and at what rate. I did that with my bank and though I was approved at a decent interest rate, my application has been pending for 3 wks now because the average price of houses in my area per square footage has gone so low that its left me to little or nothing equitywise going by my bank's criteria.
Per my bank, I can only borrow upto 85% of my equity. Usually it takes 4 days to be approved but when I inquired why 3 wks for me they told me going by the average price of my area, my 85% does not meet their minimum $ requirement to open a HELOC. So my application is still in underwriting. They normally do not do appraisals but go by the average selling price of houses in a given area. Now they might have to do one on my property to qualify me for a line of credit (dunno if I will pay for this or them yet). They say its a no-fee HELOC but since they have not finalised my application, I dunno what hidden fees I will incur. |
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Ed Atun
|
All those offers you receive from your lender are for exactly this purpose. If you owe $100,000 currently and your house is worth $200,000, you have equity. The only question is whether the bank will loan you the entire $100,000 equity. Or will they loan you the exact amount of your "addition" --- let's say that is $50,000.
Home equity loans can be completed in 4 days...start to finish. On day 4 you get a check for $50,000. They shouldn't be any hidden fees or hidden payments. They give you a loan and you pay them back. This is the core concept of banking.
The fees and interest rates would tend to be higher if you borrow your entire $100,000 equity. After borrowing that much, you no longer have any "equity".
We all will do this at some point in our lives. I hope you addition is a big success. Don't forget to obtain building permits (seems silly to say this but a lot of people don't and later wish they had) |
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