Can you borrow more money than the house costs on your mortgage loan to buy appliances, etc?
Mrs. D. - 2009-06-10 16:33:05 - Renting Real Estate
I am looking at a house that doesn't have appliances, or some light fixtures. I also needs some paint. Am I able borrow like an extra 10k to buy the appliances, etc?
I was pre-approved for 130k
The house I want is 95k. The house is worth more then 95k.
Best Answer:
No. You can't borrow money for more than a house is worth. You can look at a personal loan, the higher rate is because it is an unsecured loan, to purchase your improvements.
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Answer:
rtfm - 2009-06-10 16:36:32
Not these days, no.
It would be a very bad idea to do so, anyway. Do you really want to be paying off those light fixtures and paint for 30 years?
Truth B - 2009-06-10 16:51:22
No. You can't borrow money for more than a house is worth. You can look at a personal loan, the higher rate is because it is an unsecured loan, to purchase your improvements.
Jdseo - 2009-06-11 08:52:05
A mortgage is a lot of money. It usually takes half a life to pay it off. Why would you want to borrow more money and take even longer to pay it off?
Get your mortgage as small as possible and slowly build up your home. It will take a while, but you will thank yourself later.
You can always take out a second mortgage later in life, so if you want to upgrade--wait.
okancontact - 2009-06-12 14:48:27
If I were you, I would try Google to find a solution.
