qweezyq asked:
Bought my house about 7 months ago on a 100% financed mortgage with an unbelievably low interest rate, so I want to avoid refinancing. I don’t think i can do a home equity loan because I have little to no equity since i did the 100% finance. Any ideas? I need about 10000 – 15000 for new siding work.
HUNTER
Bought my house about 7 months ago on a 100% financed mortgage with an unbelievably low interest rate, so I want to avoid refinancing. I don’t think i can do a home equity loan because I have little to no equity since i did the 100% finance. Any ideas? I need about 10000 – 15000 for new siding work.
HUNTER
EVERETT
Some companies do offer financing. Make a list of improvements that you want done then start calling companies and ask if they have financing available, if not some can recommend a finance company they work with.
AGUSTIN
With little to no equity in the home it is going to be hard to do anything that is related with your mortgage. Second mortgages and home equity lines of credit are going to be hard to come by as well because you have no equity available. You could inquire about taking out a home equity loan with a lender who will lend on over 100% of the value of your home. These lenders are not very abundant anymore and the guidelines and restrictions on these loan types are extremely strict. I do not like this type of financing because it can really make for a bad situation and your home is at risk anytime you borrow money against your home. Also, if you needed to sell your home within the next 5-10 years it would be very difficult to do if you owe more than your home is worth. Link below in sources contains information about loans over 100% of your homes value.
Some other options are to borrow from credit cards (not the best method), talk with family and friends to see if any of them could help you out, talk with your bank about a personal loan, and/or see if the community you live in has any type of grants or loans that they will do for homeowners to help improve their home. Many communities do offer some type of assisstance. I would start off by either looking up your community online or calling your county or city’s planning or development department and they should be able to direct you to who you would need to talk with.