What’s a CO?
Some won’t hassle you for second kitchens and some will make you remove a fridge or stove to qualify for it
Some won’t hassle you for second kitchens and some will make you remove a fridge or stove to qualify for it
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Certificate of occupancyWhat’s a CO?
Some won’t hassle you for second kitchens and some will make you remove a fridge or stove to qualify for it
I’m asking about a purchase, so pretty standard for lack of permits to be an issueWhen doing a refi, I've never had questions about property improvements or remodels. I think they're just worried about the property value and from what I've seen, most appraisals are just drivebys. Unless you are taking max cash out and claiming added value by disclosing these changes, I don't think they'll give it a second look. YMMV
I went with a mortgage broker.Where?
I don't think that remodels, at least those that don't add more square footage and/or beds/baths, make all that much of a difference. It's mostly zip code , sq ft and beds/baths that drive the value.When doing a refi, I've never had questions about property improvements or remodels. I think they're just worried about the property value and from what I've seen, most appraisals are just drivebys. Unless you are taking max cash out and claiming added value by disclosing these changes, I don't think they'll give it a second look. YMMV
It depends on the mortgage. If you put 20% down and your keep the LTV under 80% it doesn't matter.I don't think that remodels, at least those that don't add more square footage and/or beds/baths, make all that much of a difference. It's mostly zip code , sq ft and beds/baths that drive the value.
I wonder if that varies regionallyIt depends on the mortgage. If you put 20% down and your keep the LTV under 80% it doesn't matter.
with who.Update:
Locked in 2.5% no points with $3500 in closing costs. That's .49% lower than my first quote. Glad I called around.
NKBCwith who
What's your loan amount? a 2.625% with zero fees is smarter move than paying a whopping $3500 for fees. Let's assume a $350k loan amount 2.625% 30 yr fixed is PI payment of $1405. If you pay $3500 that people usually bake into their loan, so loan amount of $358500. 2.5% 30 year fixed = $1416.. you're gonna waste $3500 and very bad move. $350000 loan amount and you pay $3500 out of pocket = $1383. $3500 to save $33. Recoup the costs in 106 months (8 year and 10 months). This is also a very bad move.Update:
Locked in 2.5% no points with $3500 in closing costs. That's .49% lower than my first quote. Glad I called around.
The best closing costs is none, which is what i offer in a majority of circumstances.NKBC
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I found them by using Costco refinance. It's similar to lending tree or bankrate. You put in very basic information then receive generic quotes. You put in your contact information and then you'll get an email or phone call by the bankers.
It's a big sales pitch when they contact you but just fill out the application and apply with each one. Banks and brokers can't tell you the rate until they run your credit and you fill out an application. Once I did that I found the best rate with the lowest closing cost and went with them. 2.5% no points is really really good.
Once you go with a bank then email the others and say you decided to go a different route. You can apply at multiple places as long as it is all within 2 weeks and it won't hurt your credit.