I know very little about bank loans and mortgages so forgive me if I come across ignorant. Long story short: my mother was going to lose her home a couple years ago due to not paying her taxes. She owned her home out right. No mortgage. She added my name and husbands name to her deed in quit claim and once our names were on the home my husband was able to get an equity loan to pay off all her debt. We were having trouble finding a bank to do this for various reasons but ultimately was able to get the loan and saved the home. We borrowed only as much as we needed in order to save the house ($55,000). We share the home now. Originally we wanted to borrow as much as we could for renovations. But didn't want to push our luck. The house is a ranch and although my husband finished the basement (where we have our bedroom and our kids bedrooms) We would like to build a much needed addition and other renovations… But since we already took equity from the house… Is it possible to take more? We have a 30 year mortgage for the $55,000. We have never been late in the year that we have had the loan… What can we do in this situation to get the financing necessary to make these renovations happen?!
Added (1). a quick check on zillow.com says our market value estimate is a bit over $231,000. What would this say about our situation?
Read more: Refinancing for a larger amount?
