Updated over 3 years ago on . Most recent reply
Post-closing rehab loan for personal property
Recently closed on a townhome and my property could use a facelift. Unfortunately, I do not have enough cash to afford the rehab. What are my options with getting a loan (~$50K) to improve my property and then, hopefully, doing a cash out refinance to repay the rehab loan with my current mortgage? To acquire the property, the purchase price was $775K and I put 20% down with a conventional fixed rate loan (30yr, 4.25%). This is my primary residence. Would a refinance even make sense given the current market conditions and rate hikes?
Thank you in advance for the advice!