Quote:
Originally Posted by REDVAN
Somewhat related. Question for others who have/are building new.
I don't want some of the stuff the builder offers. Specifically, I don't like their fireplace supplier and would rather get one through another supplier, which the builder won't like very much...
Will my bank allow me to include stuff that is not purchased through the builder on my mortgage? ie/ can 450000k go to the builder, and 10k go to a separate company?
I guess my question is, since I am a newbie to mortgages- can I take out a mortgage and use the money to pay different people, and can I pay for more upgrades to the house after I take possession and pay the builder their price- or is my mortgage a one time lump sum that I must give in entirety to one payee?
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Basically a purchase plus improvement plan. I have buyers take advantage of this all the time. Not all banks offer it and of the ones that do, some are better than others. ie, you pay out of pocket for the improvement and then the bank reimburses you vs you not having to handle any money at all.