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Lauren
Lauren
Home Buyer
Hoboken

i want to borrow 10,000 to do some work in my condo new bath and some upgrades to the kitchen. I have not

closed yet doing the attorney reviews what is my best option. waiting til i move and get a refinance loan or a rehab loan?

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Anne Shearman
Anne Shearman
Real Estate Pro
Morris
Fri Aug 15 2008, 04:31

Hi Lauren
I mistyped Gerry's info
Gerry.OBrian@mortgagefamily.com

Hope this helps.

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Anne Shearman
Anne Shearman
Real Estate Pro
Morris
Fri Aug 15 2008, 04:28

Hi Lauren,
I would suggest that discuss with your lender a home equity laon at the time of closing.
If you need a suggestion for a loan officer that is knowledgeable and helpful, contact Gerry O'Brian at CB Loans (part of the Coldwell Banker Residential Brokerage family). You can reach him at gerryobrian@mortgagefamily.com or call me @ 973-723-3666 and I will put you in touch

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Michael Campana…
Michael Campana…
Real Estate Pro
Entire U.S.
Sun Jun 1 2008, 13:19

Hi
Sounds like a HELOC is the best option for you.
If you're interested in opening one please contact me at michael.campanaro@wellsfargo.com
Thanks!

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Debt Free Dave
Debt Free Dave
Real Estate Pro
85260
Sun Jun 1 2008, 12:58

I would just get a second mortgage or home equity line. It would also depend on how much equity you have in the property.

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Michael Campana…
Michael Campana…
Real Estate Pro
Entire U.S.
Sun Jun 1 2008, 12:48

There are many variables on this. Email me directly at NJMortgages@gmail.com or call 908-868-2021 and I can help you.

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Corey Grushin
Corey Grushin
Real Estate Pro
Essex
Tue Apr 8 2008, 03:38
FIRST ANSWER

Dear Lauren I need a little more information to truly answer your question, but I have knowledge for you. If you are just buying the condo you must first own it for a year to get anything other than the purchase price as your appraised value. During the 1st year of ownership the value of a property is the lesser of the appraised value or purchase price unless you can document all the upgrades you have mad, so a refinance to get money is costly and may not be feasible.
My question is how much is the condo & how much or a percentage are you putting as a down payment? Post it here and I'll get back to you

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