I have debt that I want to consolidate into a home purchase, since I found a home that is priced well below appraised value. Since there is already equity is there a lender that will do a first mortgage and second at the same time? This would reduce my debt to income and put me into a better financial situation since I would only have one payment would be lower.
2007-12-15 10:19:25 · 3 answers · asked by Kim 1 in Business & Finance ➔ Personal Finance
It is going to be tough to get more than the purchase price of the home. There are a few lenders who might be willing to lend 125% but the interest rate will be on the higher side.
You will not know for sure till you ask around and do your research. Use a site like Bills.com to get quotes from multiple lenders, that way you will know the chances of getting the kind of loan you are looking for.
You can put your information at:
https://www.bills.com/homeloan/purchase/
2007-12-18 11:48:17 · answer #1 · answered by Anonymous · 1⤊ 0⤋
By getting a second mortgage you will be at a higher interest rate and introducing a 2nd payment, so it would be like having 2 mortgage payments. Albeit the 2nd one is probably much lower.
You should just negotiate a lower down payment and get a larger 1st mortgage.
I would consult a mortgage broker, it is much easier dealing with 1 broker then hunting for a lender. Let the broker do the neg'ing for you. They usually find a better rate anyway.
2007-12-15 10:37:52 · answer #2 · answered by tapnet1 3 · 0⤊ 0⤋
Not going to happen these days. It's next to impossible to find a lender who will grant a mortgage for more than the purchase price of the property.
2007-12-15 17:30:21 · answer #3 · answered by acermill 7 · 0⤊ 0⤋