Im getting my house refinanced help?

Angelic
I'm getting my house refinanced and would like to add some ajoining land (I own) in with the property. The bank lady thinks this is not wise. I think it will make the property worth more, plus it will all be on one deed. Its just 1/2 a acre anyway. Any advise?

Jeffrey
Personally, I'd keep them separate. You can always include the additional land in a sale if you'd like w/o it being on the same deed.Leaving them separated just leaves you more options and costs you nothing. You could sell the current house and build on the other lot, or sell the lot separately. Or just hang on to it for a while (especially if the area is appreciating in value).Since you're doing a refi (cash-out refi?) I suppose the most important question is this:Does the 1/2 acre add more in value to the house than it's worth on it's own? For example, If it adds $10k to the value of the house, and you're doing an 80% refi, it's worth $8k to you. If it's worth more than $8k on it's own, just sell it for the cash.Just my $.02

Glory
As a Mortgage Broker from Edmonton, Alberta I tell my clients it's all about choices. If you combine both land and home into the same mortgage you have taken away one of yours. We never know what will happen in the future so haveing enough choices will give you options to overcome any sudden hardships that may happen. Say you become sick and can't work and you have difficulty paying your mortgage, if you have the ability to sell the 1/2 acre parcel this will pay yout expenses until you recover.If I were your mortgage broker I would recommend keeping them seperate.

Fay
I do not know much about this subject but, if I were you, I would ask the bank lady why she says it's not wise to do as you plan. If she fails to give you a valid answer (and even if she does) you should seek a second opinion somewhere else.

Adolph
I would keep them separate, at some point you may decise to sell the land and/or the house. By combining them on one deed you would make it more difficult for yourself or any future owner to then build on that 1/2 acre if they so desired. You can sell 2 parcels together so you can still consider the value of that parcel and if and when you sell down the road.

Brian
IMPORTANT:STAY AWAY from variable rates and payments that you can barely afford.Do not try to leverage the real estate loan to get extra money out for spending on other things.Keep the two properties separate so that you can spin-off one of them independently of the other if and when you want.When you go to sell the house, and if you list it with a Realtor, you can sell the land privately and save the commissions or the Realtor can help you sell the land independently!

Karleen
if the bank doesn't request the land for additional security why add it to the mortgage, its best to have 2 titles rather then one