if the house is worth more. I don't know how this all works. We need money for 2 mattress sets, kitchen table and chairs, washer, dryer, lawnmower and we would also like to purchase a gas grill. I've estimated we can get all of these things for under $5K. Also, the house only has a one-car garage and we would like to build on. Can we get the money for that included in this initial mortgage? I know we can do this later in an equity line of credit, but if there is a way, we would like these items now.
2007-01-19 06:29:25 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The mortgage on the house (plus the money we want extra) will be less monthly than we are paying now. We have large 401K amounts if emergencies come up before we can replenish our savings.
2007-01-19 09:41:01 · update #1
I want to put this in with the mortgage for tax and lower interest reasons.
2007-01-19 09:42:11 · update #2
I didn't say we weren't paying a down payment.
2007-01-19 10:11:12 · update #3
You can definitely borrow more than you need to buy the house. lets say the house was appraised at 95,000 and you only needed 60,000 for the house. You could borrow 75,000 or 80,000 if you wanted to. But alot depends on credit and down payment as far as how much loan to value you can get. My husband is a loan officer for a mortgage company and if you would like to you can email me and I can give you his phone number so he can see what he can do for you. My email address is angeljre@yahoo.com.
2007-01-19 12:51:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Garage add ons can be a little costly depending a lot on what you want to use it for, like another car, work shop, garage you can work on cars in or a race car shop. Do you really want to put up the house for that small amt.? I would check into a loan separate and add up the pmt.s Go for whichever is smaller pmt., 'together on 1 mtg pmt. for all' or '1 mtg. and 1 loan pmt. for what you want.' Everything can go OK unless something unexpected happens; preg., wreck, fire, co$t of rebuilt garage. Got all that insurance thought out?
There might be another way to build that garage. You can buy 'kits' of just about any size or style you want. Some are assembly included, but you need to shop around in the advertisers and papers. Don't grab the first one, shop and see if they haggle. You could bring the kit home and store it for when you get more settled in, unless you've been there a while already. Or you can hire some cheap help to build it. Some kits are reasonable, some sound a little high. Find out what comes with each. Basic, inside walls, wiring, plumbing, insulation wall/roof, heater, etc. It all depends on what it's for. Have fun.
2007-01-19 22:46:12 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Some mortgages will give you 110% of the value of the house, but only if your credit is very good. The only way to know is to call the mortgage places and ask what they can do.
I highly recommend that you not buy a house if it's going to eat up so much of your savings.
2007-01-19 14:37:14 · answer #3 · answered by Marvinator 7 · 0⤊ 1⤋
Lenders go on the appraised value of the house. If you have no money for the down payment, then you will be paying a higher interest rate. They are lending on the house value - not on your furniture and the things you want - credit card companies are willing to do that for you - at a much higher rate.
2007-01-19 14:40:22 · answer #4 · answered by justwondering 6 · 0⤊ 1⤋
I've heard of 125% loan-to-value mortgages on refinances, but I've never heard of that when buying a house.
2007-01-19 15:26:16 · answer #5 · answered by Quixotic 3 · 1⤊ 0⤋
Avoid needless debt . . consider used items from your regional craigslist.
2007-01-19 19:16:41 · answer #6 · answered by Gort 6 · 0⤊ 1⤋