Re: Home loan Question!
|
|
I think the bank will loan you a sum based on what the value of the property is. Usually lower than real value. This way if you default on payment they sell the asset and recover their money.
If you want extra they would not see that as being financially viable as the property is not actually worth that investment (yet).
Maybe (?) you would need another loan, not a home loan, in order to finance the improvements. obviously at higher rates, etc.
|