I'm lost.... - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 2 - City-Data Forum

TimtheGuy · 09-11-2008, 12:37 PM

Quote:

Originally Posted by Angel079

And our normal home banks would do the portfolio for a house then, if I understood you correctly.
No it wasn't to get the home improvement money on top the house loan, its either
A) Pay house cash & get loan for improvement
B) Get a small loan amount for the home (10K) and use the left over cash we have for improvement.
If that makes any sense now....

Yep, go to your local bank where you do your checking, savings, etc. and they should be able to take care of you with very little of the hassle you would experience on the secondary market.

Angel079 · 09-11-2008, 01:29 PM

Well thanks for the help, we'll talk to them tomorrow.

VictorBurek · 09-11-2008, 03:28 PM

I would suggest you pay cash and get a loan for the home improvements. You might be able to get a 0% rate for 12 months or something like that. Depending on how much you need for the improvements, maybe use a credit card that will offer 0% for 12 months and make a large enough payment to pay it off before a higher rate kicks in.