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HaRuMaN:

--- Quote from: Benevolance on October 22, 2010, 12:54:09 pm ---private lenders

--- End quote ---

We call em loan sharks, here. ;D

HaRuMaN:
Back on topic, who is your bank? One of the big national players, or a local credit union?

You may have more luck from a credit union.

javeryh:

--- Quote from: Benevolance on October 22, 2010, 12:54:09 pm ---
--- Quote ---If you have been paying on time and clearing balances on cards...it just means you are a responsible adult with impeccable credit and should have no difficulty securing a loan.
--- End quote ---

Edited for correctness.

Have you considered hunting down a private source of funds? I've known a number of individuals that secure loans/mortgages through private lenders rather than through banks. I'm in a different country, but you've got to have similar stuff in the USA. Private lenders tend to be more interested in evaluating the actual quality of a risk as compared to the banks.

--- End quote ---

Well, I'm in north Jersey so we definitely have the mafia! I haven't considered a private lender (I'm not sure how comfortable I'd be with that).

--- Quote from: HarumaN on October 22, 2010, 02:31:49 pm ---Back on topic, who is your bank? One of the big national players, or a local credit union?

You may have more luck from a credit union.

--- End quote ---

We are using Wells Fargo/Wachovia right now (they have our mortgage). Here's the deal... we had our house appraised last year for the purposes of refinancing the mortgage (it was an in-house appraisal where a guy from the bank came over and did a walk-through). The appraisal came in ridiculously high (like $200K more than we paid for the house 6 years prior!). We were joking that if someone was actually willing to pay that amount we'd move out the next day.

Anyway, that appraisal is only good for a few months so we have to get another one. Last week the bank did an "online" appraisal which I think involves them checking zillow.com or something stupid like that and the appraisal came back $50,000 LESS than what we paid 7 years ago. That is a $250,000 swing in only a year! Our next option is to pay $425 for another walk-through appraisal (the bank will send out another guy to inspect everything - and no, we can't get the same guy as before - I asked - it's whoever is next up on the list). We have done some pretty decent improvements so maybe we will get lucky (new roof, central air, etc.). If our appraisal comes back equal to what it was last year we will be able to qualify for a decent loan (not great but enough to where we'd probably go for it). There's no reason to think the value of the house has declined. At the very least (based on me checking realtor.com like crazy over the past 6 months looking at other houses in my town) it should be the same as last year.

The thing that annoys me is that if the appraisal comes in low again we basically wasted $425. I thought this was going to be a really fun project but it is a headache already and I haven't even gotten into the zoning restrictions in my area (we will need a variance for sure).

:angry:

saint:
I tell you this - it will be a headache. However, having done it, you will love it. Just did ours 3 years ago and *everyone* raves about it every time we use it. Bar, theater, game room, gaming table, guest bedroom, bathroom, dojo. Good times are had.

pinballjim:
Dude, it's not 2005. Don't borrow against your equity for a playroom.

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