Dormer/Extension Funding

Those that have added a dormer or extension to their house, how did you fund it if you didn't have the money in savings?

Dormer/Extension Funding

I am interested in finding this out, too!

Re: Dormer/Extension Funding

My friend is goin to do this n plans on taking out a home equity loan

Re: Dormer/Extension Funding

We have a 2nd home that is paid off. Since mortgage rates are so low, we plan on remortgaging that house to pay for the changes we want to make to our house.

Dormer/Extension Funding

I know people who have refinanced and put the cost o renovations back into the loan...

Dormer/Extension Funding

We were looking to do the same thing, but because we have no equity in the house, we are stuck basically. We were going to try for a larger HELOC, but were denied bc we don't have over 20% equity yet between what we owe on the house & what the house is worth.

There are programs called a 403 loan (I don't know if I have the number right) where you refinance your current mortgage through another bank and you can borrow against what the house will be worth. I believe you can borrow up to $417,000. Something along those lines. Might be worth it to look in to.

We are just trying to save for renovations with cash and do things a little at a time since we can't do a major renovation due to lack of equity in our house. We can afford the payment, we just can't get anyone to give us a loan.