OfflineIf we are the ones doing the work, but want to apply for a loan for the work. Where do I get forms to summit to the bank?
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Forms for the contractor work
Posted on: Mon, 03/24/2008 - 23:34
If we are the ones doing the work, but want to apply for a loan for the work. Where do I get forms to summit to the bank?
You get the forms from your banker usually from the branch manager that you are banking with. The loan you will easily qualify for is the Home Equity Line of Credit. The interest on this type of loan is Tax deductable like your first mortgage interst. You have to have equity in the house that you own. They secure the line of credit by a second mortgage. The going interes rate these days is prime minus .375 with no closing cost.
Ali
Thank you, What about a construction loan or a rehab loan. If you don't have equity in the house.