We purchased an undeveloped lot for $235,000 cash.
We took out a $430,000 construction loan.? Based on the specs, plans, and comps, the house appraised at approximately $675,000 pre-construction.
We are nearing completion and the house is going to be complete for approximately $415,000.? We now need to convert the construction loan into a permanent mortgage.? The market has improved greatly in our area since construction began, and it appears a new appraisal would come in at approximately $800,000.? We received this estimate from an informal appraisal.? It may be more, it may be less, but please use this number for purposes of your recommendation.?
Is it possible for us to refinance for more than the $415,000 cost of the construction loan?? We would like to get some of the cash out of the $235,000 lot purchase.
What are my options?? What would you recommend?
Source: http://www.zillow.com/advice-thread/Refinance-of-Construct-Loan/471407/
Fred Willard Emmy nominations 2012 Ramadan 2012 Michelle Jenneke batman Colorado Shooting News joe paterno
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.