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-> Household Management
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amother
OP
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Fri, Sep 25 2020, 2:41 pm
I’m in the middle of construction but I didn’t get a permit.. what should I check yes or no.
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Amarante
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Fri, Sep 25 2020, 2:54 pm
I am confused. Are you building a house without getting permits?
The lender is concerned that a house is built legally because if you build without a permit the jurisdiction can halt construction and even order whatever has been built to be demolished. The lender would then lose the collateral and the mortgage would be worthless.
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amother
OP
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Fri, Sep 25 2020, 3:25 pm
Amarante wrote: | I am confused. Are you building a house without getting permits?
The lender is concerned that a house is built legally because if you build without a permit the jurisdiction can halt construction and even order whatever has been built to be demolished. The lender would then lose the collateral and the mortgage would be worthless. |
I’m just doing renovations I’m not adding expanding the house. The loan is not in any connection to the renovation. It’s just a question on the application. I’m applying for a loan to pay off credit cards. The renovation are paid by a relative. It’s a long story...
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Amarante
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Fri, Sep 25 2020, 3:33 pm
amother [ OP ] wrote: | I’m just doing renovations I’m not adding expanding the house. The loan is not in any connection to the renovation. It’s just a question on the application. I’m applying for a loan to pay off credit cards. The renovation are paid by a relative. It’s a long story... |
It’s hard to answer without knowing context. But speaking very generally if you are getting a loan secured by a house, the loan application will ask questions about the house since it is the collateral.
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amother
Mauve
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Fri, Sep 25 2020, 5:41 pm
If your doing construction without a permit I don’t think you’ll get a mortgage. I think you need a C of O to get the loan.
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amother
OP
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Fri, Sep 25 2020, 6:51 pm
amother [ Mauve ] wrote: | If your doing construction without a permit I don’t think you’ll get a mortgage. I think you need a C of O to get the loan. |
I have a lot of equity in my home. The loan is in no connection to the renovation. It just happened to be at the same time. We are going to get a permit for the main part of the project after We are done with the renovation.
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