I WAS WOUNDERING BECAUSE I WANT A BIGGER LOAN MORE THAN THE HOUSE WILL BE WORTH. SO DO THE MORGAGE COMPANY PUT THE MONEY IN YOUR BANK ACCOUNT?
2006-09-13 16:05:48 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
They will write you out a check, which you will bring to closing. When you close, the title company will take your check, and then print a check for you on anything more than what you actually owe. So if your mortgage is $100,000 and your loan is $110,000, you would get a check back for $10,000.
2006-09-13 16:07:59 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You are asking the mortgage company to give you a negative equity loan...in other words, more money than the house is worth. If you find a mortgage company that will do that for you, would you please send me their name and address? haha Mortgage companies can loan 100% of the value, but preferrably will only go 80%. You can get a "construction" loan for over the value, but you didn't state that in your question, that's a whole other explanation. Good Luck!
2006-09-13 16:16:59 · answer #2 · answered by Barbara 5 · 0⤊ 0⤋
The mortgage company mails or wires the money to the escrow agent who will then be in charge of distributing the funds at closing.
You will not get a loan for more than the house is worth.
2006-09-14 12:50:09 · answer #3 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
No, it will not go to your bank account it will be distributed directly to the closing company. You are not likely to get a loan for more than the amount a house appraises for or the sales price, whichever is lower.
2006-09-13 16:14:57 · answer #4 · answered by TheDude 3 · 0⤊ 0⤋
The financial institution would prefer to have vis a vise talk with you about your request.From there,the will hear and ask some vital questions relating to your need.Once they have reach a successful aggrement with you(to say the loan is approved).One you have reach that stage with the bank,your account will requested for money to be deposited.
This will not me automatic.
2006-09-15 04:57:55 · answer #5 · answered by emmanuel_vandmk 2 · 0⤊ 0⤋
YOU CANNOT GET A LOAN FOR MORE THAT THE HOUSE IS WORTH.
You cannot get a loan for more than the house is worth.
YOU CANNOT GET A LOAN FOR MORE THAN THE HOUSE IS WORTH.
The lender defines this very simply: The *lesser* of the purchase price or the appraisal.
Lying on a loan application to induce a lender to give a loan for more than they otherwise would is *FRAUD* Not marginal fraud. Tough as nails, be a convicted felon for the rest of your life and go to prison for years fraud. Do not do it. They will discover it.
2006-09-13 20:10:17 · answer #6 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Typically you can't mortage for more than the buying price. You would need to refinance later on or take out a second loan.
Normally a standard loan is made out to you and the bank gives you a check to do with as you please
2006-09-13 16:40:42 · answer #7 · answered by Lauren 4 · 0⤊ 0⤋
It just depends on the appraiser when he comes out and appraises it if he says its worth 100k and your buyin it for 90k then maybe they might if its lower then yeah. And they just write you a check right their at closing if your getting money back.
2006-09-13 17:44:29 · answer #8 · answered by Anonymous · 0⤊ 0⤋