Boat Loan Refinancing
Can I request additional funds to buy more land when I refinance my house?
My home is valued at about 165,000.00 and I owe about 115,000.00 it. There are about four acres of empty forest next to my property. I want to make an offer of about 3000 acres and on adjacent property. If I refinance my home I'll be able to include the total amount of 12,000.00 loan refinancing? 90% than the current value of the land is, is approx. 152,000. If I can refinance a 37,000.00 loan to pay the additional adjacent land and other improvements on my property (new tiles and extend a canal boat in a basin). Thanks. I know I should be talking to the bank manager about this, but I wanted to get some information from some of you all out there. Ah yes, my credit rating is in around 750 and I owe 5800.00 on another loan.
Now you can only borrow up to 80% of value in your home without first getting PMI (which you not). If you get evaluated to complete the 165K you can get up to 132K, which would give you enough left over to buy the adjacent land. However, having more than the other loan valley is called "cash out" loan and you will be hit by another increase of 0.25 or 0.5 interest rate. Thus throughout line. If I were you I would take the rate increase, take the money and buy land. Land is worth more than $ 20 per month and is something you can pass. Good luck.
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