Home Addition Loan

[Mr. Longhorn]

We are looking to do an addition in the back of the house with a nice patio tying into the roof. We have some companies coming in for some estimates. Some of them offer their own financing and some dont. Is it easier to just take out a separate loan just for this project or to try and add it to the existing loan on the house? Or is this just a bad time to do any of this because of the markets.

Anyone had any experience with these companies. My sister did the same thing and her advice was to get as many quotes as you can because some of them differ by as much as 15 grand.

 

[ninerhorn]

can't help much with the contractors but I am a mortgage broker so i might be able to shed some light on financing.

Very few if anyone is doing any type of rehab loan (addition would fall here).

If your property had enough equity, you could do a home equity loan or a home equity line of credit.

Tough to compare to the financing options of the contractor's since you do not have that info yet.

Rates are still very low and if your credit history is good and you can show income documentation, you should have no problem getting a loan or any other financing.

if you have other questions or are curious about numbers, feel free to email me at

[email protected]

I am happy to answer any questions you have.


good luck