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Using home equity to build?
Keeping it simple, can you use your home equity to build acting as a contractor, so you have "instant equity" in the new home? I worked construction, both in the field and in the office, so I know the process of construction and can build, but what is the best way to use home equity to build bigger, and sell existing home? At the end, I hope to have more equity, because I have the same principle or even smaller, but more house.
3 Answers
- 1 decade agoFavorite Answer
This is a great question! Yes you certainly can use your equity to purchase or build a new home. However, in your attempt to do this remember you cannot place your home on the market then take the equity line you must first take the equity then put your home on the market. It is a very smart more on your behalf to use your equity and make it work for you! Good luck and smart thinking, a lot of people don't realize that this is an option!!!
Source(s): Credentials: Licensed Realtor, Mortgage Banker!! - 1 decade ago
Well, it is pretty simple. Yes, you can. You go to a lender, have your home appraised, and take out an equity line of credit. You only pay on what you owe, and it is a revolving line, so you can pay the balance down and your payment will drop in accordance. This is also a great loan for your situation since you can pay for materials as you go. When the improvements are complete, and you don't need to use the line of credit anymore, you can refinance it again and fix it in, then put it on the market when you are ready and sell it.
Source(s): Executive Mortgage Banker - ?Lv 44 years ago
in case you're development, you will want a shape loan. whilst shape is complete, it is once you complete the interior maximum loan. you are able to close on the two the sale of your place and the acquisition of the hot residing house on an identical date. The lender for the acquisition (which might pay off the form loan), would use the contract fact for the sale of your contemporary residing house to show the receipt of fairness on your place to end the acquisition of your new residing house.