Financing to Remodel My Home
I wanted to get financing to remodel my home and found out my mortgage loan is more than my home is worth in today's real estate market.
I'm finding great deals on very nice homes in my area that are 50% lower than my bank mortgage.
I'm between a bad market and over financed home.
I was planning to add an addition but it would be less expensive if I could finance a new home at a lower interest rate... But how do I get rid of the house I'm in?
I have good credit, can't refinance my home, and can't afford to finance a second home.
Yet, in the "News", they're saying the market is improving and interest rates are at an all time low.
I'm finding out that real estate investors are buying homes, but who can afford to buy a home with all these New (low paying) Jobs?
In the mean time, I think my job is safe... Nobody really knows.
I do have a line of credit on a credit card that would pay for an addition, but a cash advance has too high of an interest rate.
Is there any financial hope? There's a lot of talk in the home remodeling news, but who is actually able to make a move, get a home loan if we can't sell the homes we own?
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