Skip to main content
13 votes
Accepted

How Much Rehab/Partial Rebuild Can Be Done While Keeping Existing Mortgage?

Two important aspects to consider are habitability and collateral. Many mortgages (or the insurance policy required by the mortgage) stipulate some kind of occupancy requirement, meaning that the bank ...
Nuclear Hoagie's user avatar
11 votes
Accepted

How’s the interest adjusted for additional Principal payment?

The interest portion of your payment is calculated as the outstanding principal amount times the monthly interest rate (7%/12 or 0.5833% for you). On May 1st, your principal balance was ~$200k after ...
D Stanley's user avatar
  • 136k
7 votes

How Much Rehab/Partial Rebuild Can Be Done While Keeping Existing Mortgage?

Talk to the bank. If you have a reasonable income/mortage ratio, and a good plan for the renovations the bank should say OK. After all, the end result will be a house worth more than before and ...
Stig Hemmer's user avatar

Only top scored, non community-wiki answers of a minimum length are eligible