We would like to consolidate recent medical bills and a small student loan with a first time home buyers loan. We are preapproved for $15,000 more than what we are looking to buy but are told that we cannot get cash back.
2006-11-17 17:23:11 · 5 answers · asked by Michael and Beckey 1 in Business & Finance ➔ Renting & Real Estate
The answer above me is wrong. You can not get more money than what the house appraises at. You can wait 6 months-one year and refinance the house then. At that time, you can get extra cash for those loans you owe. That's what I would do.
2006-11-18 01:12:15 · answer #1 · answered by Barbara 5 · 0⤊ 0⤋
On a private loan it really is bought to Fannie Mae of Freddie Mac, your human being loan quantity will be sales fee or appraised value inspite of is decrease. pay attention of taking a private loan that delivers more effective than what the residing house is easily worth. in case you owe extra on the residing house than the marketplace will pay for it and something takes position, you've gotten tremendous difficulty promoting. maximum likely it would want to finally end up in foreclosure. Your lender could flow over all that to boot. in the journey that they don't look, i might want to look at a lender which will answer your questions.
2016-11-29 06:02:34 · answer #2 · answered by ? 4 · 0⤊ 0⤋
They usually offer a cash out option and they usually pay your bills off for you or give you a check for the amount you need. You can deposit it into your account. They wont give you actual cash.
2006-11-17 17:41:46 · answer #3 · answered by Love Child 4 · 0⤊ 1⤋
There are lenders who will do this for you. If you find one, let me know and I'll arrange a prison cell for him. It's illegal.
2006-11-18 04:18:32 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋