Question by luffjm34: I want to put an addition on my house and roll the cost into my mortgage. Is this possible?
We have essentially no equity–been here three years and the amount left on the mortgage is approximately the same as the current value of the house. Can you refinance and roll the money for an addition into the mortgage? I think this is the only way I could afford. Thanks.
Best answer:
Answer by Milton
No. YOu are already overextended. The additions do not guarantee that the value of the house will increase. You have no equity to get an additional loan.
What do you think? Answer below!
No you can’t since your mortgage would then more then the house is worth.
Sorry u b under informed.
only way u put “addition” on is cash.
banks will not refi because the cost of the “addition”
normally is 4-6 times the added increase in valuation.
leading you to b a foreclosure in waiting.
the cost of house is up side down to value.
do get 2nd jobs and in few years u can do addition.
good knowledge is good luck.
No. Ask at your bank what options you have, maybe you can get a personal loan. But a bank is not going to allow you finance more than the house is worth.
Not with no equity, no. You can’t refinance for more than the house is worth, or even for 100% of what it’s worth. You would likely only increase the value of the home by half the cost of the addition at absolute best.
Unfortunately not. Would need to do a cash out refi for this to work. You would need about a 30% equity position before rolling in the additional costs. Maybe more, depending on the addition. Many lenders will offer a refi up to 80% on a cash out refi these days.