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Showing results for tags 'reno loan'.
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Hi All, Bought a house- getting into the renovation stage- so thinking to get a reno loan. I have tried reading articles on reno loan but i cant seems to get my answer so coming here for help. 1) Is there a way for us to check if we will be approved of a reno loan before we embark on the journey? (thought that will give us a realistic idea of how much $$$ we can really look at) 2) Checked that most banks (if not all) needs the quotation from contractor to process the loan- ---- so in this case- confirm already then go and apply loan, if loan dont get approved- isnt it going to be at start point again? also, after that you if add things/ take away things then.... what happens to the additional sum/ or the extra money from the things that are taken off the list? 3) the maximum loan amount is 30k per loan- so.. if we need perhaps 40k- should it be husband go ocbc and wife go posb to get the 40k or.. should it be husband and wife go posb for quotation 1 and husband and wife go ocbc for quotation b? sorry if the questions are abit dumb- not a clever person myself but if anyone can show the light please.
