“Yes, We Can Do Your Mortgage!?
Hi Joe, Steve XXXXXXXX recommended me to you saying you are the best in CT, haha. Before I go through the process of applying and providing documents for everything, may I ask a question, as I do not want to waste your time as I assume my question will be a "no, you can’t do that" as I seem to keep finding out... But here goes...
I got a quote from Steve to build a garage of my dreams for my business for 150k.. I bought my house back in 2013 for roughly 160k... and I owe approx. 126k left, my house is worth 208k as of this year...... so there is not much equity I can pull from the house... maybe 30-40k?? if that.....so I know I cannot use equity to build what I need.
My question is this... is there ANYWAY SOMEHOW SOMEWAY.... that I can refinance my current home... for another 30 years... AND borrow an additional 150k to build this... so I can have one payment per month for the next 30 years of my life? So roughly I would be asking to borrow what 126k +150k=276k loan? I hear NO from everyone, but I never understand why, the property I live on is commercial.. the property will be worth a lot more than 276k after garage is built... so even if i forfeit or fail, whomever has the note can make a lot of money selling the property more than they had invested... Either way I really appreciate your time for reading this, and Steve says if anyone can do it... you can haha
I wish all loans were as easy as this one is going to be, but very doable. Fortunately, as mortgage brokers we have access to lenders that handle every imaginable type of mortgage situation.