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

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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?

5 Comments
  1. Reply
    Melissa
    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
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    April 30, 2011 at 1:50 am

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

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  5. Reply
    Prosperity66
    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.

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