Posted on: 01st Oct, 2012 12:32 pm
I am about to finish up my house. My problem is the costs overran my construction loan. Not counting all the money I have been out of pocket. Now my bank says to go to perm with "big banks", I can not do a "cash out" over what my original construction loan. I need about an extra $50k to pay my contractor over my construction loan. My original appraisal on paper came in low and now should be better. My bank can do inhouse financing at a much higher rate, but I really want to take advantage of ultra low rates available. My credit is perfect with great debt to income.
Any help appreciated!!
Thanks
Tennessee
Any help appreciated!!
Thanks
Tennessee
Hi duckslammer!
Welcome to forums!
You should contact your lender and discuss your situation with him. He will look into the matter and let you know whether or not he can help you take advantages of the ultra-low rates available right now. In order to take advantages of the low rates, your property appraisal should come good. You may even contact the other local lenders and apply for a loan with low rates.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact your lender and discuss your situation with him. He will look into the matter and let you know whether or not he can help you take advantages of the ultra-low rates available right now. In order to take advantages of the low rates, your property appraisal should come good. You may even contact the other local lenders and apply for a loan with low rates.
Feel free to ask if you've further queries.
Sussane
Yes there are various firms that could provide you with loans on very low rates.
[External link deleted as per forum rules. Thanks.]
[External link deleted as per forum rules. Thanks.]
my bank says i can not go over my construction loan on secondary financing. Any banks yal recommend, I live in TN
Hi duckslammer,
Well, then things can be difficult. You can speak to the local lenders and check out if they can help. This community has a large number of lenders. You can even seek a no obligation free mortgage quote from them and check out if they can help you.
Thanks
Well, then things can be difficult. You can speak to the local lenders and check out if they can help. This community has a large number of lenders. You can even seek a no obligation free mortgage quote from them and check out if they can help you.
Thanks