Asked by Ravenangel, 01453 • Sat Nov 26, 2011
We have a homepath renovation loan of 150,000 at 4.8%. The house is 35k and will need new roof, plumbing work, and porch repair. We thought that the way it works is that the loan amount of, let's say, 30k is then added to the value of the home. so 35k 30k= 65k. The total value of the home is 65k. We need 20% of this 65k and will be paying $272 for the mortgage for 30 yrs. Please correct me if i'm wrong which mostly likely i am. How does the rate differ if different payment and how much will we be paying for just the mortgage? Thank you.
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