Is it possible to get a business loan, a consolidation loan and a home loan all in one? I'm not talking about a million dollars. Overall the total would be in the 150-200k range. I have good credit and am current with my bills. The official loan would be a mortgage but will they handle lending of this nature.
2007-10-24 12:52:00 · 2 answers · asked by pastorejon 1 in Business & Finance ➔ Credit
If you're refinancing your mortgage to pull out any equity, you can do whatever you want with the money. You'll only be able to refinance up to the amount your house is appraised for. The difference between what you owe on your house now and the appraised value/new loan is how much money you'll be able to pocket and use towards your business/consolidation loans.
If you don't currently own a house, you won't be able to get a mortgage for more than the appraised value. No one is going to loan you more money for a house than it's worth. Especially in today's market. In this case, you'll have to apply for any other loans separately.
2007-10-24 15:03:39 · answer #1 · answered by Ceebee 3 · 0⤊ 0⤋
I don't think so. Those are totally different things, secured by different collateral.
2007-10-24 19:57:17 · answer #2 · answered by npk 7 · 0⤊ 0⤋