2007-12-04 19:41:38 · 6 answers · asked by dealladesmond07 1 in Business & Finance ➔ Renting & Real Estate
If the property was appraised for $170,000, I would request from the lender a home equity line of credit. This would permit you access to the untapped equity in this property.
2007-12-04 20:22:57 · answer #1 · answered by LUCKY 4 · 0⤊ 1⤋
Short answer no. Most standard mortgages will not allow you to borrow above the property value. In today's market, many lenders are requiring 10% down.
As a side note, in a declining real estate market, it is not a good move to load up on mortage debt. If you are forced to sell, you will have to come up with the negative equity, or default.
Have you been watching the news? Every minute there is a story about the real estate crisis.
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2007-12-04 20:01:55 · answer #2 · answered by Gatsby216 7 · 0⤊ 0⤋
No, there isn't.
Banks won't loan more than the LESSER of the purchase price or the appraisal. Just because you are approved for more, doesn't mean they will hand it over to you in cash.
If your house is $150K, then that is your max loan amount on THAT transaction.
2007-12-04 22:00:04 · answer #3 · answered by Expert8675309 7 · 1⤊ 0⤋
No, that would be loan fraud.
You may however be able to negotiate some of your fees to be paid by the seller if you are not already under contract. You should consult with your realtor and your lender.
2007-12-05 01:38:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not directly. However, everything about the transaction is negotiable and sellers often agree to pay some or all of the buyers closing costs as part of the deal. This could save you money that you would otherwise be out of pocket for when you close. Ask your realator to write this into your offer. You might also ask the sellers to leave appliances or something which could save you move in costs.
2007-12-04 19:52:10 · answer #5 · answered by Osbaldistone 3 · 0⤊ 3⤋
There is a way you can get the excess but its called dihonesty
2007-12-04 20:00:44 · answer #6 · answered by nikros 2 · 1⤊ 0⤋