Updated about 14 years ago on . Most recent reply
Basic Financing Question
Here is my situation. I live in a home now that is worth about 550K. I have 210K left on the mortgage and about 100K of liquid money. I'm interested in having a new home built (and selling my home). The property I'm looking at is about 250K and I will be spending approx 325k to rebuild a new home (this is not for an investment but my actual primary residence). My question is what are my options to fund the 325k in construction? Is there a way to get a loan based on future value of the home (after the construction)? Should I try a HELOC?