Question by ALA: We would like to buy the vacant lot next to our house while refinancing our current mortgage.?
We would like this to all be in one loan. Does anyone have experience doing this and do you usually have to buy the lot first and then refinance? If not, what kind of down payment is usually required to make this all happen? Thanks.
Answer by Viktor T
It will better if you have money for down payment to buy first and then refinance. But if you can’t just refinance. As I understood you need money for down, so if you do go ahead.
What do you think? Answer below!
It is going to depend on if you have enough equity and your credit/income situation. Plus you should also check with your local planning and zoning to see if it is allowed to annex your current lot, i have been in many situations where each homeowner can not have more than one lot. Some commissioners pass anything
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