I am having a home built on a lot I have purchased….?
The construction loan is financed for about $450,000. My husband and I have about $8000 worth of debt. We want to obtain a debt consolidation loan just to pay off these debts. By paying this off we will raise our credit scores almost 40-60 points. My husband is at a 631 score. He wants to be at a 700 or 720 by the end of the loan to secure a low interest rate. Once the mortgage is finalized we will roll this $8000 debt into the new mortgage loan. Although we are approved for $450,000…we are thinking the home can be built for $400,000. We plan to pull some equity out of the house and put it to aside for a rainy day.
DOES THIS PLAN SOUND EFFECTIVE TO YOU?
ANY OTHER SUGGESTIONS?
Anytime remodeling or building, it will cost lot more than you anticipate. I have many friends who either built or did major remodel on their houses, and they all ended up paying more than a double of what they thought. Be careful.
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