Financing in Plymouth : Real Estate Advice

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Yoiam410, Home Buyer in Plymouth, MI
Yoiam410 asked:
I currently have a secured loan but am wondering if this loan (which was secured by my home) can be converted to a HELOC? I am needing additional funds to finish remodeling. The original loan was only 35,000, am needing 50,000 and the home was appraised at 250,000.00
0 votes Share Flag Mon May 2, 2016 Financing in 48170
Margo Borkin, Real Estate Pro in West Bloomfield, MI
Margo Borkin answered:
I own the land that I want to build on however I have a very low credit score ;( Is it possible to use the land as collateral ?
Your best bet will be to talk with a mortgage lender. If the land as collateral is not an option, they can give you some advise on how to get your score up to mortgage level. Sometimes ... more
0 votes Share Flag Fri Jun 7, 2013 Financing in Plymouth
Roger Daniel…,  in Grand Rapids, MI
Roger Danielski answered:
Is 20% down always required for a construction loan?
Lake Michigan Credit Union in Grand Rapids has a 10% down Construction-Permanent financing with the possibility of doing a 80-10-10 utilizing our Fixed Term 2nd . Lot/land loans up to ... more
0 votes Share Flag Fri Mar 12, 2010 Financing in Plymouth
Hannah Flieg…, Real Estate Pro in Larkspur, CA
Hannah Fliegel answered:
Possibility of converting Home Equity Loan to personal loan to enable sale.
Hi Dave,

Why not just list the property for sale and get a buyer that is willing to pay a price and then add cash at the close to pay the difference. This way there is no short sale. ... more
0 votes Share Flag Mon Feb 15, 2010 Financing in 48170
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