How much money is given for a mortgage if house needs renovation?
916489
There is a specific loan product for your needs.  Not all lenders have access to it because it is what is called a "portfolio" loan product.  \n\nWhat happens is that you get the plans and specifications for the improvements and they are submitted to the appraiser so that the property may be appraised based upon completed value.  \n\nThe loan is treated the same as a construction loan in that funds are disbursed based upon work completed.  There must be a licensed general contractor overseeing the project.\n\nI am a mortgage lender with more than 20 years experience and my bank, a national bank not a .com, offers this product as its specialty.  I can loan in all states and will be happy to answer any of your questions.  My name is Nancy, my toll free number is 800-971-4638 ext. 223.
246716
yes they would.  the value of your new home would be taxed accordingly.  a rebuild is taxed higher, leave a wall up and its only a remodel, taxed lower.  But to be safe, check with the city.
478343
You can always purchase another home.  If you are not planning to live in it you would apply for a non-owner occupied loan.  The rates are typically higher for this type of purchase.  Additionally the amount a lender would provide is also typically less due to the increased risk. You mention doing improvements and flipping it.  There are some risks involved with this type of venture.  First a new lender may not wish to finance a property they know will be sold shortly after granting you financing as it is not cost effective for them.  Also after you renovate the home the new purchasers may have trouble obtaining financing since you purchased it less than 12 months ago.  If you do re-sell the investment property in less than 12 months the new purchasers lender may require evidence of improvements to the home to justify the increase in value from the time you bought it to the time you re-sell it.  I recommend you keep all receipts and cancelled checks you obtain during renovation to adequately substantiate the value increase.  House flipping is not easy task.  You can lose your shirt if you are not careful.
969437
maximum is usually 3.25 x joint salary although abbey have recently introduced 5 x. You will need to provide payslips/P60 as evidence of earnings. In theory you should be able to borrow anywhere between £94250 and £145000.\n\nYou could also do a self certified mortgage, where you simply tell them how much you want, and that you can afford it, no need to prove earnings that way, but don't be tempted to push things to far past the normal limits.\n\nYou will need a deposit as well, 10% is considered about normal, any less and you will end up paying an indemnity premium on top of the mortgage.\n\nTake a walk down to your bank and have an informal chat with them \n\nRemember your house is at risk if you do not keep up payments on a mortgage or other secured loans
1184915
Are you trying to get a loan to purchase this house?  Do you have a large down payment? Do you have income to pay the mortgage? You do not need a job, you need the income that is usually provided by the job.\n\nIf you get retirement or disability benefits, money from investments, or income from other sources, and that is enough to pay the loan payments, you would not need to have a job.\n\nDepending on the amount of equity (money) you are putting into the deal, and the amount that you need to borrow, you may be able to get a "no qualifier" loan, where the equity in the property is enough for the bank to make the loan without any other requirements. \n\nFor example, if a property is worth $250,000 and you have $210,000 in cash to put down, the bank most likely will not care about your job situation. They are not risking much. They have a $250,000 property that they are using as collateral for a $40,000 loan. If the loan has to be foreclosed (you do not make the payments), the bank will be able to sell the property for enough to pay the loan and any and all costs.
418660
That is about right, but look for a little more than 10K. It varys from state to state, and from bank to bank. Don't be afraid to ask your lender. Infact, when you get prequalified they should give you an estimate on your closing costs including home inspections and other misc things.
525530
203 K is an FHA program that allows you to include the costs of repairs in the loan amount. It is only available on ANY properties (not just HUD homes) that need repairs as allowed by FHA guidelines - such as roof, foundation, replacing non-working appliances, etc. you can't just redecorate on a 203K. Finding a lender willing to do the 203K is the hard part. The government red tape involved is a big turn-off - you'll agree if you go through with it. A better way to do it is to get a regular FHA loan (203B) if you can or a conventional loan if the property won't qualify for FHA. Then do a home improvement loan for the repair costs.
203022
You can't be sure that a house will appreciate at all.  There is always  the possibility that a house could depreciate.\n\nIt's going to depend on several factors, including location.  How much you pay for the house will also have an effect.  If you pay too much, you won't stand to gain from the appreciation in home values that an area might gain.\n\nGo to the link below.  You can choose your city and state, and view the average appreciation for your area.
44320
Assuming you can pay it off in a lump sum, what would the cost be?  I.E.  Is that money just sitting, or is it invested and what is the return on that investment?\n\nIf you are talking about taking money from a savings account to pay it off, a savings account that is somewhat set asside for retire use, maybe the real question should be, is it time to move?\n\nIf it is, due to retirement, fixing up the house should be top priority, and investigating what you can get to replace it.\n\nIf you do decide to move, the mortgage will be paid off once you sell, and so paying it off is rather irrelevant if you have a quick sale.\n\nIf you are staying forever, really depends on your interest rate, and what you are getting in a return with your invested funds (assuming they are invested).  I know a friend had a rate of 2.75% FEMA loan and he thought he would be more secure paying it off.  He was getting 5.14 on his invested (SECURE) savings account.  Of course HE should not pay it off, because he was making more money by paying on the mortgage.  It all depends on your situation.  Let's assume your investment is a wash with your interest payments.  Having liquid capital is always better than having to go out and get a loan when money is needed.  First, the loan may take a lot of time, 2nd the loan may cost you fees, and 3rd, waiting for the loan could cost you the opportunity that you needed the money for.  The old saying, CASH is KING seems to come to mind here.\n\nOn the other hand, if you are paying 7.14%, while your invested funds are earning you only 2.14--you are losing money without a doubt.  And if you have a 2nd mortgage at even higher rates, need I repeat?\n\nMaybe, you are saying you are going to be able to draw on retirement funds (penalty/tax free) in the very near future.  If this is the case, and again the funds are not outproducing the interest costs, clearly, pay off the mortgage.\n\nHope this helps...
480454
You would have to know what the rate is first.\n\nif the interste rate was 8.0% ( I am using US Funds)\n\n200,000.00 x 8% =16,000 x 25 = 250,000.00\n\nMortgage payments per month = $2,185.00\n\nCheck with a bank or mortgage company to get it converted if needed.\n\nIt is very important to know what rate you will be paying.
94714
The answer to this question depends on the market.  Some markets are "seller's markets".  If you are in one, you will probably have to offer MORE than the asking price.  You may ask your agent to provide an MLS list of homes that have recently sold in the specific area you are considering.  Look at the days on market (DOM), the asking price, and the sale price.  If the days on market are low, you are probably in more of a seller's market.  Even so, look at how close the asking and sale prices are.  Take the sales in the last 30 days for that area and find the average cost per square foot for the type of home you are considering and use that average as a guideline (new construction cost per sq ft is usually higher than resale cost per sq ft. but consider recent renovations and lot size).  Always make the contract contingent upon a home inspection. There are some markets that are so favorable to sellers that buyers will waive this...I do not recommend doing that on a resale buy.  Always ask the seller to give you (at least) a one year home warranty.  Good luck!
611970
you should spend the money to speak with a real estate attourney. the mortgage may become/probably will become your responsibility.
431671
Basically your bank will loan you money based on the value of your property. There are loan ratios so lets say they have a 10% ratio (I think thats normal although others demand more or less depending on the area). That would mean you can borrow up to 90% of the value of the house. If the house is 100K you could borrow 90K. Now if you only owe 50K because you bought it a a few years back and it has gone up in value then your bank will lend you up to the 90K (or an extra 40K) for you to do whatever you want with. Its a cheap way to finance debt for purchasing things like cars, holidays, extensions...than using a credit card or personal loan BUT it means you are putting those things under your home loan and if you dont or cant pay then they reposses your home. You would start by going to your bank and having the home valued by a professional they recognise to see how much you could borrow. A good bank will pay for this service for you as long as you take out a loan with them. You generally set up a new loan (which means a new fee) and then your back to normal. Your home loan repayments will go up but they should be able to calculate these for you so you know what to expect. Remember interest rates are on the rise so factor that in. Happy spending.
151009
About $CA420,000\n\nhttp://www.rbc.com/economics/market/pdf/house.pdf
846967
of course a lender will finance the house. As long as the house is worth at least what they are asking, you shouldn't have any problems financing the house.
389318
you should refinance your mortgage.
547333
We bought a foreclosed home last year.  There was some extra paperwork to sign, and it took an extra 6 weeks to get a closing on a cash deal.  The house had been vacant for 2 years and had not been well maintained prior to that.  Once the power was turned on the hot water heater, furnace, and fridge did not work.  We were able to fix the water heater for $20 in parts and the furnace for an $85 service call.  We had to buy a new fridge.  We have had a slew of plumbing issues.  We have replaced all of the floor coverings, some drywall, fixed the roof in a couple of spots, gutted the kitchen and bathroom.  We have done all of the work ourselves (other than the service call on the furnace and one niggly little spot on the plumbing) and saved a ton of money.  With all of that we have still invested less than half of the market value of other homes in our area.  We are almost done with the renovations, and it is beginning to feel like home.