Question by Anna Z: Is there a mortgage that will allow me to pay off other debt?
Basically, when I apply for a mortgage to purchase a house, am I able to get a greater amount than needed in order to pay off other debt (eg. credit cards). I know this can be done with a home equity loan or when refinancing, but is it possible with a fresh mortgage? Thanks.
Answer by steve m
If your property appraises for for more than the selling price you can. Some lenders were doing 110% until the big fall that is going on now tighten up their guidelines.
This is really bad for the buyer you are upside down in the house from the start.Don’t know where you live but most markets are fixing to be hit with lots of foreclosure’s.You can get some good deals at that time.just be care-full we call it buyer beware.You really need a home inspection if you don’t know how to look for HIDDEN problem’s.
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