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Loan question

we are thinking fo buying a house and I was wondering...

If ( for example) we found a house for 40,000 , could we get a loan for 60,000 ( as long as we are able to pay the mortage for that amount) ...are we abel to do that ( and use the extra money to buy things for the house or whatever?

Answer Question

Asked by Anonymous at 1:44 AM on Mar. 16, 2010 in Just for Fun

Answers (2)
  • The house would have to be worth $60k and normally from what i understand with an original loan the extra money would be for renovations. If you bought a house worth 60k for 40 k then you could probably get a home equity loan to pay for things. To be completely honest you dont want to over extend your self in the first few years, you are going to find little things that need to be fixed and those add up and then you will find things you want to change and those will add up so I would keep my home loan as low as possible and pay cash for everything else.

    What we did was pick a project each month and we budgeted for those projects, sometimes we have put them off if we cant afford it and we are not stuck with a bigger loan payment.

    Answer by 3_ring_circus_ at 2:08 AM on Mar. 16, 2010

  • I agree with the previous answer. You don't want to get ahead of yourself. It takes YEARS to pay off a loan. Especially a house loan. Right now my parents are trying to figure out what to do. They still owe a lot on the house, and they tried to refinance it but its not worth what they owe anymore. So they are kinda stuck.

    Answer by CountryMom357 at 2:13 AM on Mar. 16, 2010

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