mortgage loan preapproval is higher than cost of home, can you take the full amount and put it to repairs?

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I want to know if I can take out the amount I was approved for, even though the home is less. We would like to put this extra money towards repairs and closing costs.

  1. Reply
    April 29, 2011 at 11:56 pm

    No, you take sales amount minus your down payment. No cash, no closing costs can be included in the loan.

  2. Reply
    the kid
    April 30, 2011 at 12:25 am

    No. No lender will give you more than what the house is appraised for, and most won’t even give you that. Nor would it be a wise financial decision for you.

  3. Reply
    April 30, 2011 at 1:23 am

    No it doesn’t work that way. But what you might ask your lender is can you take out a home equity loan in addition to your regular mortgage for that difference. Warning: careful that you can comfortably carry two mortgage loans.

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