By Admin on Dec 3, 2008 in Renting & Real Estate
huggybearspartan asked:
Ok, when you get a home loan for let’s say $100,000 and you buy a house for only $80,000, what happens to the $20,000 you didn’t use? Can you use it to renovate your house or what?
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Ok, when you get a home loan for let’s say $100,000 and you buy a house for only $80,000, what happens to the $20,000 you didn’t use? Can you use it to renovate your house or what?
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It doesn’t work that way. First you need to be approved by a lender for a mortgage amount. Lenders only lend you what you need to buy the house.
Alterfemego | Dec 4, 2008 | Reply
It will never happen. You will not get a loan for more than the purchase price (and nowadays not even that).
src50 | Dec 4, 2008 | Reply