Question by aj: Can I refinance my mortgage to purchase land?
Is it possible for me to refinance my mortgage to purchase land for my son who would like to self-build a home for him (and his family) to live in.
Best answer:
Answer by Gregorio
If you have the equity, the credit score and the financial profile to support it, you can refinance your mortgage for anything you want to.
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Yes it is possible that you could cash out refinance your home depending on the equity in the home and your credit. We would be happy to help you, just fill out the application below and we will tell you what options are available.
Talk to your loan officer about cashing out some of the equity in your home to use for the purchase of this land. Most likely the best scenario is to leave your current first mortgage alone and get a home equity line of credit… unless you can get a better fixed rate on your current first loan. This heloc will only charge interest on what you borrow and you can reborrow the money as you pay it back… just like a credit card but tax deductible most of the time… http://www.choicefinance.net/virginia_mortgage_company.htm
As long as you have equity in your property, you can use it for just about whatever you wish. You’ll need to get approved under the standard conditions of credit, income, etc…of course though. Now is a great time to buy with the market being down. Good luck.