When purchasing a home, could you ad on 10K mnore to the mortgage? We are looking to buy a car at the same tiem we buy a home and we are nto sure if we could figure in the costs to the home loan.
skew
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Re: Mortgage Question
not sure i understand your question. you DON'T have to get the loan amount that is stated on the contract. as long as you are approved, the sellers should not have a problem if you decided to increase the loan amount.
steph4777
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Re: Mortgage Question
In order to do something like that the appraisal value of the house must be higher than the amount of the loan you take out. No lender is going to lend more than the house is worth.
agrech
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Re: Mortgage Question
Perfect you answered my question
Calla
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Re: Mortgage Question
If you put down a down payment you can take out a Home Equity Line at the same time as your first mortgage. Home Equity Lines have the same tax advantage as a mortgage, the rates just work a bit differently.
