Can I get a home mortgage for more than what is owed to consolidate debts?

Deal Score0

I’d like to buy a house for sale at $ 265,000. Appraisal is $ 320,000. Is it possible to get a loan for more than the purchase amount (say $ 300k) to consolidate some debts at the same time?

  1. Reply
    April 30, 2011 at 12:26 am

    You cannot get cash out on a purchase. If the point of the cash out was to make repairs or include closing costs, then there are loans which would allow this, but they do not allow cash out to consolidate debt.

    You can always refinance after you’ve lived in the home for awhile then get cash out to consolidate debt.

  2. Reply
    Expert Realtor
    April 30, 2011 at 12:51 am

    No, you cannot.

  3. Reply
    April 30, 2011 at 1:50 am

    With Debt Settlement or Debt Consolidation you can reduce or restructure your personal or business debt, or receive free help to decide which option is best for you, to ultimately achieve peace of mind.
    Curadebt has been ranked as one of the top debt settlement companies by many industry experts based on the Written GUARANTEE, over 8 years serving consumers and businesses, long term BBB Membership, Member of TASC (The Association of Debt Settlement Companies) and the Chamber of Commerce.
    With thousands of clients successfully helped, you can trust your finances to the CuraDebt debt help team.

  4. Reply
    April 30, 2011 at 1:51 am

    a large number of Americans are now coping with credit problems because they are not certain how to manage their credit. i strongly advise for your credit problems. go there and see if you are interested, i did.

  5. Reply
    April 30, 2011 at 2:06 am

    Absolutely not: the money you borrow is for buying a home only.
    If you need extended information on it, you’d rather run a search on Google and will for sure get accurate information. Or you could ask to a professional…
    Well, I’m not American (I live in Europe) and in my country, there’s a way to get more than the purchase amount (generally 125% or the whole amount) but this sum has to be used for improvements or additional fees only; unless you do the improvements by yourself and save some money out of this amount 🙂
    That’s why I advise you to enquire to a professional as it maybe would be possible to do it in America as well.

    Leave a reply

    Register New Account
    Reset Password