if i took out a home loan for 400000 but i only needed 100000,can i use the rest to go gamble in las vegas and get hammered,or will the loan office want to see documents of the exact cost of the house.also,can i get a home loan and just use the money to rent a condo,im trying to get a large bankroll to be a gambler
2006-12-14 11:48:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yep.
Your very questions denote those of one who likes to take big risks - in other words - a gambler.
Unfortunately, the bank will require a lien against the house that you purchase, therefore, the paperwork will reveal all the information about that house, such as its value, etc.
In fact, the bank will want information on that house before they extend the loan to you. And, the money will go to the current owner of the house, not directly to you.
Sorry to bust your bubble.
2006-12-14 12:00:02 · answer #1 · answered by Ambassador Z 4 · 0⤊ 0⤋
Since home loans are granted against the value of the collateral (the house) and an appraisal is done to verify the collateral value, no you can't do this without trying to perpetuate some type of fraud for which you will need to bankroll your bail money...
2006-12-14 11:53:37 · answer #2 · answered by Scott C 2 · 0⤊ 0⤋
Normally the loan officer won't need to see the exact value but is he gets a bit doubtful about whether you can repay or not then he will definitely check the valuation .
2006-12-14 13:16:27 · answer #3 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
I thought you could only ask for a loan that was 110% of the house price.....
2006-12-14 12:04:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This is a downright scary gamble. You odds of losing the whole thing are really good.
http://www.handlethetruth.net
2006-12-14 11:56:25 · answer #5 · answered by truthhandl3r 3 · 0⤊ 0⤋