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Mortgages?

MrsHtobe Posted:

Mortgages?

DH and I are starting house hunting soon.

If we wanted to buy a 'fixer-upper', can we still take out extra money on our mortgage to put toward the house or due to the current market, can we only get the value of the house?

Just wondering Thanks to anyone who knows!!!
TommysWife08 Posted:

Re: Mortgages?

hmm.... i dont think so... i would think that if you wanted to take out extra $$ to fix it up, you would have to take out a whole separate loan - but i'm not sure

Autumn08 Posted:

Re: Mortgages?

I believe that's what a heloc is for - Home Equity Line of Credit. I think it's basically a loan against the value of your house.

Mici n KC Posted:

Re: Mortgages?

As long as you have enough money put down to ensure equity in the property then yes, you can.

MrsHtobe Posted:

Re: Mortgages?

Posted by Mici n KC

As long as you have enough money put down to ensure equity in the property then yes, you can.


Thanks, this is what I thought.

THanks everyone!
Dalia Posted:

Re: Mortgages?

my Dh says, 'if the appraisal of the house is higher than the asking price that means you already have equity on your house that you can borrow against. Other than that you cant take more than the appraisal value of the house.

HTH
lucamon Posted:

Re: Mortgages?

We took out 10K more than the price of our house because there were some things that we needed to do to the house before we moved in. The bank cut us a check at closing. In fact, when we refinanced last year we cashed out another 15K for our wedding.
How much more are you talking about? Today's market is a lot different than when we bought our house 3.5 years ago. I think it will be very hard to do that. You should really sit down with someone and get some professional opinion.
TommysWife08 Posted:

Re: Mortgages?

see that!! i was wrong... learn something new everyday!!

lucamon Posted:

Re: Mortgages?

Posted by TM2008

see that!! i was wrong... learn something new everyday!!


I think for today's market you are right. It's hard enough to get a loan itself.

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