Guestion On Refinancing
i bought a new house in dallas georgia on 8/01/03. it is a two story and the basement needs to be finished in. i want to refinance it to get the money to do the work in the basement but the morg. company says no because i have only been in it 6 months. any suggestions are appreciated. i also have a house in florida that i rent and they tell me that my credit is strecthed too thin. I am thinking of refinancing that one too. any creative ideas that i could do with the two of them? thank you all
Depending on if you have enough equity on your rental house, and you don't need too much, you may be able to do either a cash out refinance or a credit line against the equity in your rental house.
The other thing you can do is get a zero interest introductory credit card and save like mad to pay it off before any interest hits.
Don't overextend yourself though.
I agree that a home equity credit line would be a great option. The cheapest and easiest way (for you ) is usually not to go through a mortgage company, but rather your bank. Many times mortgage companies use your bank without telling you. Plus they'll charge you extra fees.
If you have equity in the property, you can also consider using a construction loan.
Hope this helps.
What does the mortgage company mean by saying your credit is too thin? Is your score too low? Is your ratio too high? I'd find out what that means first. A line of credit may be the way to go. Have you tried the lender section of this site, there are a lot of programs out there for you if you are willing to do the work. You may also want to try and post in the beginner section because a lot of the more experienced investors answer posts there.
First you need to clarify the "Credit too thin",
Then , I would look to a bank or savings and loan, especially if the amount is fairly small.
see the lenders section of this site.
Talk to your local banks. Ask about a HELOC or home improvement loan.