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Say we get aproved for 150,000.00 and our house only costs 125,000.00 do we still have an option to keep the extra 25,000.00 that would be left over?

Say we get aproved for 150,000.00 and our house only costs 125,000.00 do we still have an option to keep the extra 25,000.00 that would be left over? JUst wondering how that works. I would think not but i dont know.

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Anonymous

Asked by Anonymous at 1:29 PM on Apr. 6, 2009 in Home & Garden

Answers (4)
  • When we built we had to prove that the money that we borrowed was going towards the house. Even if you could just go ahead and take the money, you'd be paying interest on it. You'd be better off doing just the opposite and paying back more rather than taking more, at least I think this is the way it is.
    Bmat

    Answer by Bmat at 1:34 PM on Apr. 6, 2009

  • No, being approved for a mortgage in advance means that you can get a loan up to $150,000. You won't actually get a check.
    PrttyMstng

    Answer by PrttyMstng at 1:40 PM on Apr. 6, 2009

  • There may be a way. I read your other question about sq. feet. When we bought our house we borrowed over the amount to do repairs. This is a special type of loan. The extra money must be used to improve the house. Once the work is done, you send in receipts and the money is released to pay contractors and added to your mortgage. You could check into it and see if the extra could be used to add an addition - then both problems solved.
    FlyMom07

    Answer by FlyMom07 at 4:08 PM on Apr. 6, 2009

  • FlyMom07

    Answer by FlyMom07 at 4:11 PM on Apr. 6, 2009

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