Mortgage Assistance

[DLWOODMAN]

What is the name of your state?CONNECTICUT

HERE IS MY SITUATION SO I HOPE YA GOT SOME TIME.

I AM LOOKING TO OBTAIN A $100,000 HOME IMPROVEMENT LOAN FOR RENOVATION (18 x 24 FOOT ADDITION) AND UTILITY UPDATES TO MY HOME.
I CURRENTLY HAVE APPROX. A $94,000 MORTGATE LOAN BALANCE W/ESTIMATED VALUE OF H0ME APPROX. $180,000?. I ALSO HAVE A CURRENT HOME EQUITY LINE OF CREDIT OUT ON THE HOME. CURRENT BALANCE IS APPROX. $22,000 OUT OF $40,000. I HAVE AN EXCELLENT CREDIT RATING IN THE 900'S.

WITH THE HOME IMPROVEMENT DONE OF $100,000 I AM ASSUMING THE VALUE OF MY HOME WOULD INCREASE TO APPROX. $280,000. I WAS WONDERING IF I COULD COMBINE MY EXISTING MORTGAGE OF $94,000 INTO THE $100,000 HOME IMPROVEMENT LOAN TAKING OUT A HOME MORTGAGE IN THE BALLPARK OF $194,000 BASED ON 30 YR. MORTGAGE.

THANKS FOR ANY ASSISTANCE YOU CAN PROVIDE.

 

[seniorjudge]

What is the name of your state?CONNECTICUT

HERE IS MY SITUATION SO I HOPE YA GOT SOME TIME.

I AM LOOKING TO OBTAIN A $100,000 HOME IMPROVEMENT LOAN FOR RENOVATION (18 x 24 FOOT ADDITION) AND UTILITY UPDATES TO MY HOME.
I CURRENTLY HAVE APPROX. A $94,000 MORTGATE LOAN BALANCE W/ESTIMATED VALUE OF H0ME APPROX. $180,000?. I ALSO HAVE A CURRENT HOME EQUITY LINE OF CREDIT OUT ON THE HOME. CURRENT BALANCE IS APPROX. $22,000 OUT OF $40,000. I HAVE AN EXCELLENT CREDIT RATING IN THE 900'S.

WITH THE HOME IMPROVEMENT DONE OF $100,000 I AM ASSUMING THE VALUE OF MY HOME WOULD INCREASE TO APPROX. $280,000. I WAS WONDERING IF I COULD COMBINE MY EXISTING MORTGAGE OF $94,000 INTO THE $100,000 HOME IMPROVEMENT LOAN TAKING OUT A HOME MORTGAGE IN THE BALLPARK OF $194,000 BASED ON 30 YR. MORTGAGE.

THANKS FOR ANY ASSISTANCE YOU CAN PROVIDE.

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[HUD-1]

Talk to a bank or mortgage company. There are many products out there. One such product is the FHA 203k loan. It allows you to refinance existing debt as well as adding on an amount for rehabilitation of the home. (In this case, an addition and some other upgrades.) You can go to www.hud.gov and/or search for "203k Loan" online. Will the holder of the home equity line subordinate to the new first mortge? If not, you could pay that off as well with the 203k.