Quote:
Originally Posted by red-beard
I would get a conforming loan, then go for a second for the rest. Your interest on the second will be higher, but plan to pay that one down quickly. Consider an ARM for the second. You want to do the conforming loan first, to get the rate down as low as possible.
Today is the day to get that loan.
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Assuming the decision to renovate is already made, and you're simply evaluating financing options, this might be the best route.
In Canada, things operate differently, so I can't be sure, but it seems to me that setting an artificial dollar limit to "loan conformity" would necessitate some more creative financing schemes. Your mortgage advisor (or any finance guy) should be able to work through the available options to find you the lowest cost of borrowing.