Home Being Remodeled and Need to Refi
My home is being remolded due to the hurricane Irma last year. We are adding a sun-room and I was told by the contractor this may increase the value of my home. I am i the possess of a refi to pull money out. I want to know if I should wait until after the remodel to have the home reappraised - if this may give me access to more funds. Thank you. by Patricia_Howell18... from Hernando, Florida. Aug 6th 2018
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
More info needed, but in general, you cannot get conforming financing if you are in the middle of construction. There are "Rehab" loan products available, but they come with restrictions.. so if your home is all torn apart right now, then that will be your only choice. If the home is not torn apart, then yes.. refinancing is possible... If the sun room is completed, then it can add value if there are other homes in the area that have sold recently with the same feature. How much it will add is a different subject all together.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
Franklin Canas (franklincanas)
#50 ranked lender in Florida - 2 contributions
You should wait till all the remodeling is complete. You will not be able to obtain conforming financing in the middle of construction. However, there are other programs that you can obtain financing if you need money to finish the remodeling if need it.
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Wait until done with remolding and save all your receipts to show appraiser, so you can get the best abng for your buck...call or email me we specialize in refinances in the state of Florida. Ralph Guertin 954-274-7725 or Ralph@absolutelowrates.com
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