Hey guys just here asking for some advice on a refinance I have been working on for over a year. I have borrowed on CC and paid cash to add a very large addition onto my home. This has increased the value and now with the prior equity and the added 1000 square ft. thats been added I want to refi and pay off the cards to a lower rate than I have.
I have also done improvements along the way, new much bigger deck, new roof, new windows, etc. The big question I ask you guys is because of finances I am strapped and want to get out from under the amount I borrowed on my CC.
I have added new siding to a little over half the house. I ran short on money a few months ago and have not finished about a third left on the new siding. The siding is a little lighter color than the old, just a little different. It is also ran a different direction so not very hidden either. The back and one back side has not been completed.
Working with a Mortgage person now and scores are high enough, job and income are ok. My question is I want to get this done before the first of the year and I am worried about the appraisal if I do not get the siding completed. Should I take my chances and get the appraisal as is? How much could they possibly dock for this, especially if I tell them I am getting it done, just not before the apprasier showed up?
The estimate to finish up is 4k and I just cannot come out of pocket with that till into 2014 and I do not want to borrow because I am concerned the credit rating will drop under 700 tri merge.
What is everyone's opinon here? I desparately want to get this refi'ed as its been the plan, but have waited months adding new bathroom out of pocket already to increase value and really do not want to wait another 6 months to get this done. Just weary of some new mortgage changes I am hearing.
THanks for any help or advice on this from anyone that would know.
Chris
