I'm paying a lot less than the appraised value of the property, and even after consolidation, will be 30 - 40,000 under the value of the property....Jus didn't know if lenders would allow this to happen?
2007-07-03 00:33:52 · 6 answers · asked by Brian D 1 in Business & Finance ➔ Renting & Real Estate
They can pay off anything you want to pay off as long as you are working under the appraisal cap.
2007-07-03 00:35:55 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
If this is a purchase than no you cant. The equity is not yours. But if you currently own the property then you can do a cash out refinance and consolidate your debt. This is great for remodoling Debt consolidation even purchasing a car. The interest rate you would pay would be less then the dealership. If you are in the market and would like to get some numbers in terms of closing cost and rates you can email me at hrocco@hayhurstmortgage.com we are a direct lender and can help you with any of your mortgage needs.
2007-07-03 02:33:57 · answer #2 · answered by Henry R 2 · 0⤊ 0⤋
This is termed a cash-out refinance or consolidation loan. It is very possible and used to be a large portion of the finance market. I know several lenders that could help you. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you .
2007-07-03 02:26:07 · answer #3 · answered by stephen l 2 · 0⤊ 0⤋
Yeah, in fact, I know brokers that have made a very good living doing nothing but that. Of course, this was before 2005 when this happened, but yeah, lenders will let you do anything with the cash from a cashout refi.
2007-07-03 02:09:45 · answer #4 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
You can use the equity in your home to get the loan and then pay off your debts, but unless you're working and vow not to get into further debt, you're in danger of losing your home if you're late with payments. Think about this very carefully.
2007-07-03 00:43:14 · answer #5 · answered by Elaine P...is for Poetry 7 · 0⤊ 0⤋
Never, ever, consolidate unsecured debt into secured debt. You stand to lose EVERYTHING if you do this and then can't pay your mortgage loans.
2007-07-03 00:35:56 · answer #6 · answered by kja63 7 · 0⤊ 0⤋