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THAN... |
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I've got a "Customer service review" appointment on Saterday I don't want credit but a loan!!:-)
Additional Details
No beer for me till after then!... |
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lorr_o_b | Im about to get my first mortgage? |
if i get the mortgage for 120000 and the property is 115000, am i allowed to use the 5000 to spend how i want? |
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dimples
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yes
Oh MY GOD ignore all these fools saying you can't borrow more than 100% of the property value you can I've seen it happen I am a mortgage advisor I've done it there are places that if you can prove your ability to pay the monthly premium then you can borrow 130% of prop value, if you borrow more than the property worth then you can spend it on anything legal, like furnishings, cars pay off loans you can even invest it. YOU CAN SPEND IT ON WHAT YOU LIKE.(legal)
MIKE H- in UK plenty do, not sure about Canadian market? |
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rompa_stompauk
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yes you can BUT for that 5 grand your paying mortgage interest rates over 25/30 years so in the long run your paying back about 15 grand, better pay the 5G off your mortgage and take a five grand loan (zopa.com lent me 5G over 3 years and the interest is 400 Quid!!!!)
for sound advice see the martin lewis website moneysavingexpert.com |
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Mike H
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This is not an answer, but a question for Dimples, who offers a mortgage >100%?
I can see a few in canada that do 100% but I can find nothing over.
Your help would be appreciated.
Mike |
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groovymaude
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If you can get more than 100%, don't forget you'll be repaying that 5,000 over 25 years, plus the interest - there are cheaper ways of borrowing 5 grand................. |
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Lionessie
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I believe that any 'responsible' lender would not consider it. I would also ask you to think about the possibility of whether you will wish to move house in the first few years and the fact that on the sale of the property, you would need to pay back the full mortgage balance including the amount that is additional to the property's value. Yes, the value may increase, but there is also chance that things could go the other way at some stage - you just never know. I think it would be better to get say a maximum of 100% mortgage first on a repayment basis, then when values increase and you've paid a little back, think about getting some additional borrowing at a later stage. |
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Gemma C
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yes but spend it travelling the world before you get tied down for he next 57 years!! |
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JOHN R
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You will be quite lucky at this particular time to get a 100% mortgage never mind more than that. I suggest you contact someone for advice. Broker, Bank, Financial Advisor, etc. |
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Estrato Seis
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First of all, you CANNOT buy a property and get more than its worth. Period. If you are doing a refinance you can do a cash out refi and then, yes whatever is left over after your closing costs, you can keep. |
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boo81
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Where do you even find a financier that will lend you more than 100% of the value? Have you truly researched this? You sound like a true beginner. Get some advice from a property lawyer. |
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Adrian S
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You usually can't borrow more than the value of the property (no one wants a $120,000 loan secured by a $115,000 property) & many places will only loan up to 80% of the value. If you do convince someone to loan you more than you pay for the property then yes, you can do what you like with the extra $5,000. |
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suzb49
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"If" you do get $5000 more than the property cost, you may spend it anyway you please. Good news is: the bank will lend you the amount the house appraises for so if they go higher than the cost, the house is worth more than you paid for it. |
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GeeCee
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well done, you borrowed more than the property value. |
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