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SaveMORE Loan » Refinance

August 31, 2007

Refinance to Remodel

by @ 1:52 pm. Filed under Refinance

 

Why should you refinance to remodel? You probably know that many home improvements (except for pools) increase the value of your home.

 

When should you refinance, before or after the remodel? In the past, the process was a huge hassle, sometimes necessitating a construction loan for more than your house is worth. Enter the combo loan.

It refinances your home at a lower rate, with enough left over for your remodel.

Best of all, the post-remodel value of your home is used to figure how much you can borrow.

 

Link to Fannie Mae

http://www.freddiemac.com/corporate/buyown/english/owning/refinance.html

 

Here are some specific types of combo loans:

 

A Purchase/Rehab loan combines home buying and rehabilitation in one loan.

It allows you to fix or improve your new home at lower rates than a second mortgage. Fannie Mae offers this type of loan.

 

A Refinance/Remodel loan combines refinancing and renovation your home at low first mortgage interest rates.

 

Or more conventionally, do a "Cash-Out" Refinance to get additional cash for any purpose. You can also take out a second mortgage, which is riskier than simply refinancing because it adds extra debt.

 

 

 

 

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