| RE:Home improvement (not tim alan) |
Subject: RE:Home improvement (not tim alan) by Matatk on 2008/2/2 14:34:42 Quote: I am already at 90% value and I know they wont refinance me with a regular mortgage. There are all kinds of mortgages out there. On my current house, my mortgage was $0 down 2 years ago and I refinanced it after one year to a loan with 90% equity. I have a small PMI, but oh well. My mortgage guy did it all, he's awesome, so you just have to find what fits. You might get a slightly higher rate if you have less equity, but it's out there. It is harder with all of the mortgage problems lately. Have you considered a home equity loan from the bank? They are usually a higher rate, but since you already have $10,000 to put in, it wouldn't hurt you too bad. And since it is a home improvement, the interest is tax deductible. Just a thought. BTW, I just called my mortage guy last week to refinance because of the rate drop, though, and he told me that even though the fed has dropped rates 1.25 points in the last two weeks, mortgages didn't go down much! What is that? I guess it's business regulating itself without the government. Oh well. Good luck with that. Matthew |
