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re: Buying house. Put 20% or renovation
Posted on 9/7/24 at 7:53 am to FlappingPierre
Posted on 9/7/24 at 7:53 am to FlappingPierre
Do the kitchen reno.
0
Posted on 9/7/24 at 1:31 pm to FlappingPierre
did you factor in carrying rent / mortgage on new home and current residence for duration of reno if done prior to moving in? maybe reno takes a month but you hear of nightmares and kitchen reno taking 4-6 months which adds up if you're paying $1.5-2k a month on current place that you would stay in.
Posted on 9/8/24 at 10:23 pm to FlappingPierre
I’m never going to be of the opinion that paying PMI will be the better choice.
You can probably finance the renovation separately and have significantly less outlay over the term of the note you’d pay PMI on, not to mention the additional interest paid on the larger loan amount.
You can probably finance the renovation separately and have significantly less outlay over the term of the note you’d pay PMI on, not to mention the additional interest paid on the larger loan amount.
Posted on 9/9/24 at 10:09 am to FlappingPierre
less down payment and then pay for the Reno in cash. Getting a loan for the Reno after purchasing the house is not a good option. The rates on the RENO loan will be double digits. You can do a RENO purchase loan, it basically a construction loan. The lender will have an appraisal done that includes the RENO plans and will loan you 80% of the value of the house after the RENO is complete. A kitchen RENO might not increase the value of the house as much as you think so that's why i would suggest just paying it in cash.
Posted on 9/9/24 at 12:22 pm to FlappingPierre
If you have good credit PMI won’t be very much.
Take the $ to renovate and once that is done you can have the lender send out an inspector to revalue the house (not full appraisal) and get your LTV to 80%.
Pulse carrying mortgage insurance typically gives you a better rate.
Take the $ to renovate and once that is done you can have the lender send out an inspector to revalue the house (not full appraisal) and get your LTV to 80%.
Pulse carrying mortgage insurance typically gives you a better rate.
Posted on 9/9/24 at 12:23 pm to Rize
FHA loan. Also never trust a realtor when it comes to mortgage. They don’t know shite
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