I have an interim construction loan. can i ask that my permanent loan cover all of my debt. is that realistic

I am building a house that is worth much more than my interim loan and I would like my permanent loan to cover all my debt and Im wondering is this is reasonable.

Answer:
Yes you can. You cannot get cash out on a purchase loan, which your initial loan is. However, your perm is basically a refinance. You can borrow up to the value of the property. You will have to get a new appraisal (post construction) and that will determine your value. You only want to borrow what you need tho, because the higer % you borrow against it, the higher your interest rate will be. I am a mortgage broker. E-mail me if you have any other questions.

rattmatliff@yahoo.com
You can borrow as much as the bank will lend you. But I don't see them approving a closing statement with disbursements to anyone but the seller. You may be better off closing & in 6 mos. or so taking out an equity line.
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