Our local bank is only offering 90% of the appraised value on our house for a construction loan. What options do we have to borrow the whole amount?
Generally a lender wants that cushion to allow for inflation and the fact that when a bank or mortgage lender is the seller of repossessed property, less is always offered. As a seller, there are always fees as well. Lending 100% doesn't provide for these problems. In order to borrow more, you may need to find a different lender with different lending policies, or offer more collateral.
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Generally a lender wants that cushion to allow for inflation and the fact that when a bank or mortgage lender is the seller of repossessed property, less is always offered. As a seller, there are always fees as well. Lending 100% doesn't provide for these problems. In order to borrow more, you may need to find a different lender with different lending policies, or offer more 