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Refinance/with Addition In Process

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Freshman Member
Mar 13, 2003
Hello All!

I am thinkging about refinancing my mortagage however, I have a couple of concerns that is making me a bit slow on my decsion.

I know our house would appraise for more than it did 5 years ago, however we are in the middle of building an addition. The addition will not be completed for several months and one of my concerns is that we will miss out on the lower interest rates.

With a new bed room and bathroom in process and the appropriate permits pulled etc. Would we get credit for the addition? How does that work? Orginally we wanted to wait until the addition is completed making our bedroom a 4Bedroom 3 Bath, but I'm wondering if it will be worth the wait once the interest rates go back up.

Any input would be appreicated.

Thank You

Mary Jordan

Judy Whitehead (Florida)

Senior Member
Jan 20, 2002
Professional Status
Certified Residential Appraiser
Are you an appraiser, Mary? Sorry I haven't been on the forum much lately.

Secondly, are you paying for the addition as you go? How long has it been under construction at this point?

If you are an appraiser, you must realize that the house would be appraised in the condition that it is the day it is appraised. That means the appraiser would have to appraise it "subject to completion per plans and specs" (and you would have to supply them including a contract) or whatever cost it would be to cure to return it to a finished state. Personally, I would not try to refi with an addition halfway finished. Just my opinion. It may or may not be difficult to get the best interest rate from a lender "subject to completion." That is sort of like a construction loan. My best piece of advice would be to talk to an experience local loan officer with someone who is accustomed to making loans and doing construction loans. A mortgage broker on the internet is not the best place to go for this kind of advice.


Freshman Member
Mar 13, 2003
Thank You for your response. I am a Trainee and unfortunately my past supervisor was not the best, and I always like to double check information. I knew better not to go to a mortagage broker, but to the profession that would be putting a final value on our property.

I am currently looking for a new supervisor.

Thanks for your input. After I did some research, I feel it's best to wait until the addition is complete.

Thanks Again.
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