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Updated about 2 years ago,

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Giselle Romero
1
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Can I tap into equity on a new cons. home right after completion?

Giselle Romero
Posted

Long story short. Purchased the land with cash in 2020 for 60k. 

Put another 130k down on the actual build of the house.

Took out a 500k construction loans. Comps are about 800k.

Home is expected to be completed Feb-March. Which at that point I will need to take out another loan to pay off the construction loan. Can I request more than the 500k owed on the existing loan? I was considering using the funds for a pool but may just hold onto it to increase my liquid emergency funds. 

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