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Refinance question
Posted on 4/16/09 at 8:00 am
Posted on 4/16/09 at 8:00 am
With the current rates, I'm thinking about refinancing, but I kind of have an abnormal situation. I have a house and 10 acres, and when I refinance, I'd like to buy an additional 5-10 acres adjacent to me as part of the refi. Only problem is from what I hear that the lenders don't like this situation where the land is worth a good bit more than the house, because if you default they can't move the land as easily as they can the house. Anyone know any mortgage companies that may be interested in something like this?
1
Posted on 4/16/09 at 10:32 am to 7flat
Why not TRY to do a cash-out refi and use the money from the refi to purchase the additional land. In the alternative, refi what you owe and go to your local bank and get a Home Equity (second mortgage) loan to purchase the additional land. They may take only the newly purchased land as collateral.
Posted on 4/16/09 at 12:11 pm to TigerDeacon
I've looked at the HEL as an option, which I may end up doing, but haven't thought of the cash out option. I'll check into it. Only problem I may have with that is that I'd like to buy 10 more acres, but probably only have enough equity to get 5 or so. That's why I was hoping to do it all together as a new loan if possible.
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