Is there any type of home improvement loans that are not a home refinancing type of loan?

Asked by Digenan, 19073 Tue May 18, 2010

I live in California. San Diego county to be exact and I am looking to make some home improvements. I was wondering if there was some type of home improvement loans or programs out there that do not include refinancing my home. We have been in our home for 6 years and we refinanced in the first year to get into a 30year fixed. Our home value the last time I checked was down about $150,000 although it may have gone yp in the last six months. We are expcting our third child in December of this year and we are looking at doing some remodeling and some expanding to our home and I was curious about any programs, loans, grants or any types of offers from contractors that may be out there that will help us out.

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Emily Morgan, Home Buyer, New York, NY
Thu Jul 19, 2012
If you have owned your home for quite some time or if you put down a good amount of cash when purchasing your property and your home’s value has not declined substantially with the real estate crash, you may be able to use the equity in your home to secure a home equity line of credit (HELOC). A home equity loan enables you to draw from the difference between the current mortgage loan balance and the amount of principal that has accumulated.
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Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Tue May 18, 2010
Hello Digenan,

What about a second mortgage. Are you saying that you can't afford to refinance because of the lack of equity in the home. If that is the case then an unsecured loan is going to cost you a significanlty higher rate.
What about using a FHAB 203K refinance where you can borrow up to 96.5% of the FINAL appraised value of the home after im provements.Look at my website for more information on that loan. I am not sure if I am giving you the right information as you really haven't explained why you do not want to refinance your existing mortgage.

Alan Openshaw
Cornerstone Lending Inc
215 674 9059
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