can a mortgage loan amount be more than the actual purchase price of the house?
wondering if you can use the excess money to pay off other debts, kind of like a reverse re-finance.
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PelMel posted: 06 Jun at 4:56 am
Not usually. The mortgage is secured by the value of the home. At one time some lenders were giving 100%+ loans, but those would be hard to find now.
Sexy Chica posted: 06 Jun at 5:18 am
Yes, but those types of loans are hard to find anymore. Ask your lender about your options.
bdancer222 posted: 06 Jun at 6:00 am
Those 125% loans is how a lot of folks got themselves in trouble and are loosing their homes.
It is a very bad idea to put other debts on your house. Even if the interest rate is much lower, you are stretching out the debt over a long period and will end up paying a lot more in interest.
april p posted: 06 Jun at 6:01 am
Yes, but I believe that you would need to tell them it is for fixing up the place and your credit needs to be great. I suggest going to a different bank then what you want to do business with and ask them about the debt issue, then if they say it is a no go then you know to say it is for repairs.
ARIZONA posted: 06 Jun at 6:14 am
Yes. That was very popular when the houses were appreciating so fast. Not anymore. As houses are tending to lower in value now, that kind of loans are suspended.
One of the intentions of that loan was to use the excess of the money, and have it for improving the house and/or payingoff your debts. There are different types of home loans and you need to learn how to manage it so you will not have any problems in the future.
A Reverse refinance is a completely different loan. This is only designed to refinance the primary residence of elderly people (more than 62 years old) and the house must have substantial equity available.
http://www.foreclosureinprocess.com
GodBlessAmerica posted: 06 Jun at 6:18 am
Not anymore.
They were doing 125% loans up until end of last year.
If you have a loan officer with access to downpayment assistance programs then you can save the money you were planning on putting down and use that towards paying off your debt.