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Last updated August 2021

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Modesto Arch: Licensing/Credit

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Lyn is trying to purchase a small home on the outskirts of town. It is actually a small cottage that is selling for a lot less than something similar in town.

She has enough for the down payment and has been approved for the mortgage, however she would like to be able to spend some additional money fixing it up.

The cottage and the grounds around it have not been well looked after.

This is most probably the reason she is getting such a good deal on the home.

In its present condition, the appraisal came in at a little more than what she paid for it, but not enough to support this loan application.

She has applied for a debt consolidation loan.

The yard is full of weeds. They need to be removed and grass seed planted so that she will have a decent looking lawn.

She would also like a few shrubs. She really needs to have a fence installed to keep her dog from running around the neighborhood as well as her children when they are outside playing.

Inside, new carpets and new paint would do wonders for the place. It is looking quite tired looking.

Based on the inspection report there are no major items that need to be repaired although there is a lot of updating that could be completed.

Everything from redoing the bathroom to installing a new kitchen would really make the place look great again and increase the value of the home substantially.

All of this work would cost around $35k. She has applied for a $35000 debt consolidation loan to help her complete all of these improvements with a term of seven years to keep the monthly payments as low as possible.

A $35000 loan with an seven-year term and 4.4% interest rate for Lyn would cost her the following per month:

• Loan Amount (principal) = $35000
• Interest Rate = 4.4%
• Term Length = 7 year
• Monthly Payment = $484.88
• Total Paid Back = $40729.87
• Total Interest = $5729.87

Unfortunately, Lyn does not have sufficient income to support another loan of this size along with her mortgage payment, utilities and living expenses.

She might qualify for a smaller loan and would have to reapply to confirm approval.

She is caught in a difficult situation. If she were to invest in these improvements her home according to the agent would increase in value much more than the money she is planning to invest in it.

But she cannot borrow the funds and does not have sufficient savings to invest in the home.

Her agent suggested that she tackle the improvements in stages.

She plans to live in this house for some time and although she would like everything done now so she can enjoy it, this might be the only approach.

She may also be able to enlist the help of friends and family to help her make the improvements she wants and save a lot of money.

Lyn is evaluating her options, assessing her priorities and also determining what free help she can rely on. If she can find free labor then she will just need to borrow money for the materials.

She will prepare another application one this step is completed.

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