| Increase my mortgage to finance a home extension |
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Elmira Nancy
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| Increase my mortgage to finance a home extension |
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I have a flexible mortgage that allows me to draw down additional funds when I need them.With a growing family and a stagnant housing market,would it be a good idea to increase my mortgage by around 25k to build the extension,given the existing economic climate?
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Tue Dec 08, 2009 1:27 pm |
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iwillguide
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| hi |
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i don't think its nice idea due to economy.i hope you can find alternate. source
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Tue Dec 08, 2009 3:01 pm |
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coaster
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It's those "flexible" mortgages that have gotten so many into trouble in recent years.
~Tim~
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Tue Dec 08, 2009 3:29 pm |
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littleroc02us
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I personally don't think it is ever a good idea to plop more debt upon your house. What if you lose your job and you can't make the payments? You lose your house. Find another way. Get another job.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Tue Dec 08, 2009 4:46 pm |
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oldguy
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quote:
around 25k to build the extension
This is often a poor financial decision at any rate. An extension (or addition) doesn't add much to the value of a house. In fact, many buyers insist on an "as built" house, a house that has homogeneous construction, no changes to the builder's footprint.
A footprint change means two construction styles, materials of a different era, green wood, cured wood, usually old wiring & plumbing in part of the house, modern wiring & plumbing elsewhere. The different settling rates of the two soils causes cracking at the junctures - there will be roof leaks, siding leaks, etc. Heating & cooling issues. Basement problems. And later, when you sell, there will be paperwork problems with the building permits.
As a general statement, build an addition if it is a farm house (something that can't be sold). But if it is in a town, and can be sold, you will be far ahead to sell your house, capture the money, and buy a bigger 'as-built' house. That way you won't lose your $25,000 - ie, your new house will actually be worth $25,000 more than the old house.
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Tue Dec 08, 2009 9:19 pm |
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Salena Maxine
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The flexible mortgage thing does not sound good to me, personally. Any time you get money from a bank, you have to pay it bank with interest. That's the general rule.Now then, I wouldn't personally do an extension right now because of the economy. But given a good economy, saving up and then buying the extension is a possibility but I would be okay with getting the space now and paying off the loan. It's because the extra extension is very valuable in extra utility/usability.
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Wed Dec 09, 2009 11:28 am |
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Albert1234
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| Hi |
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A mortgage loan is a loan secured by real property through the use of a document which evidences the existence of the loan. I will show my site where you can get latest info on Mortgage.
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Sat Mar 20, 2010 11:38 am |
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Offshore-Wealth.com
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| Tight Market For Home Improvement Loans |
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Interesting,
With the mess the housing industry is in, no longer can you simply sign on the dotted line for a home equity loan, or other interest only type loans, those days are over.
The same is true of so called flexible or interest only mortgages people have currently, these are all about to end soon as they come to the end of their term. This is about to create the second sunami in the mortgage mess as these 3 and 5 year adjustible rate deals have not hit everyone yet as the subprime was the first wave.
ARM's which were originated 3 to 5 years ago are all about to reset, so if you thought the subprime mess was bad, watch all these zero equity deals go into foreclosure on top of all the subprime deals, things are only going to get worse, so you can forget any flexible terms in the future, these are all long gone from current market.
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Sat Mar 20, 2010 9:00 pm |
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wernerfire
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Please be careful. I know that it may be tempting with a growing family, I have 3 children myself
But anything can happen. What if you lose your job like ”littleroc02us” says. I have known that situation and I promise you it's no joke.
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Wed Mar 31, 2010 8:11 pm |
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littleroc02us
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Whatever happened to saving up for something and paying for it? There isn't any risk in that.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Mon Apr 12, 2010 4:41 pm |
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salenacaitlyn
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The flexible mortgage thing does not sound good to me, personally. Any time you get money from a bank, you have to pay it bank with interest. That's the general rule.
Now then, I wouldn't personally do an extension right now because of the economy. But given a good economy, saving up and then buying the extension is a possibility but I would be okay with getting the space now and paying off the loan. It's because the extra extension is very valuable in extra utility/usability.
capital one rewards
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Thu Apr 15, 2010 8:39 pm |
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