Financing in 75062>Question Details

Jim Barbee, Other/Just Looking in 75062

I am thinking about demolishing an existing home I currently have financed and replacing it with a new home.

Asked by Jim Barbee, 75062 Mon Nov 12, 2007

Can you tell me how to get started with the process?

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The first step is to contact your lender and inform them of your intentions. You will not be able to demolish the home without their knowledge and written permission. If they are a mainstream lender, they would probably be more than willing to structure a loan that meets with your remodeling goals. In any case, you do not want to do anything before contacting them.
2 votes Thank Flag Link Mon Nov 12, 2007
As others have indicated, you need to proceed very carefully in order to protect yourself from any liability here. Probably the answer will be to proceed with a construction/rehab loan unless you have the equity to take out a line of credit sufficient for the work to be done. However, to properly advise you I would need to get into more detail regarding the specifics of the situation.

I am available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Mon Feb 24, 2014
Please visit my website at http://www.aatrealty .com to get more info on 2% buyer's rebate or 1% seller listing commission program. AATRealty can find your Dream Home
Torang Nazmi (Broker / Owner)

AATRealty, LLC
214-914-2032
http://www.AATRealty.com/
Allen Luxury Real Estate
0 votes Thank Flag Link Mon Feb 24, 2014
That's probably not going to be possible with that lender. It's realy important that you not do anything that will call the loan...
0 votes Thank Flag Link Tue Nov 13, 2007
It is possible, but tough to do. It will depend on your current loan, new loan, value of the neighborhood, etc. I'd start by contacting your current lender. If they can't help you want to go to your local banks that are more familiar with construction type loans. North Dallas Bank and Trust might be one you could try in Irving. I think they have an office about MacArthur and 635. There are probably many others.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Nov 13, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You need to talk to your lender and see if you can even do that.
Web Reference: http://www.kennaandco.com
0 votes Thank Flag Link Tue Nov 13, 2007
1) Find out how much equity you have in the home
2) Look at gettting a construction, or 2nd mortgage options
3) Establish an overall cost for the new home...to start getting some basic pricing, look at my website...for Tx fugure a low of $80 / SF, and a high of $130 / sf for your new house, plus the cost of demolition
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Mon Nov 12, 2007
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