All Forum Posts by: Sean Brown
Sean Brown has started 1 posts and replied 2 times.
Post: Refinance a HML (New Jersey)
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Yes. I have to move out anyway due to nature of renovation.
Post: Refinance a HML (New Jersey)
- Posts 2
- Votes 0
I have a mortgage 385K on a property I am living in. I have 100K and am seeking a 200K construction loan to renovate, add another floor with significant improvements.
I am finding it difficult to get a Construction to Permanent Loan from a conventional lender. While this process is going on, I was told by an investor friend to go for a HML that funds construction (and pays the original mortgage ) if I can show a pre-approval for a 600K refinance.
Getting an approval for a refinance is not a problem considering the income, dti ratios and the final appraised value would be about 900K.
I would like to put the scenario out to experienced people and see if there is anything that I should be wary of.