the bank never veried the phoney income statement. after i questioned the bank about why they gave me the loan we found false bank statements too. what should i do?...
My guy and I are starting out together with a little bit, but we would like to soon get a home together, and I have always wondered if starting my own little hopechest would bve a good idea, getting ...
i have a question about a co-signer? I am trying to get a apartment but i need a co-signer. Does the co-signer have to pay any fees in order to be a co-signer? I have a lot of money saved up to pay ...
A couple of years ago the HOA gave me their approval to change the color of my house. They have picked new colors and won't let me do any touch ups. They want me to paint my house a color on ...
My daughter recently signed a year lease with her best friend, after living there for 3 days the friend moved out, my daughter ran an ad and found a roommate after a month, now the friend is suing my ...
HI we recently got our electric bill and it is 3 times from the normal, its 350, for 2 months, is usually 150. Our hot water leaks and the landlord is taking forever to fix it, nobody really knows ...
I'm 27 and I just gotten married. We are looking into getting a house now. The only problem is that I am in the Army and stationed in Italy while my wife is located in Texas. Once I leave Italy I...
I can only afford to spend about 300 dollars the first month, more after that *once I get paid*. I'm leaving Detroit within the next month *hopefully* and have to somehow arrange housing amidst ...
for overdrafting fees i want to know so the y dont take my whole check cuz i need the money to pay the rents holla back anyone soon!! Additional Details thank ya'll for helping so ...
Key Key
I owe 90000 on a home that I plan to rent out. Can I apply for a Business loan to pay off and purchase proper
I want to pay the home with the Business Loan. I also want to take some of the business loan to use toward purchasing another property to reside in and run an in home day care OR should I sell my property. The property is worth 200000. Could I use a business loan to pay for down payments and closings?
Well i realy suggest you get some financial addvice. Well you dont need to pay your home off in facted you should refinance pull cash out for your new home. Then rent your home for what ever the monthly payment is on your mortgage its alot lower interest rate then a business lone and it takes care of the monthly payments on your mortgage. Then you could use that cash out to put toward your business. If your one of those people who or trying to aviod fee's your going about it the wrong way. You will be paying in the long run believe me.
joanelmore
unless that house is a business they aren't going to let you pay it off with a business loan
DeltaForce
Depending on how your first mortgage is written, you may be REQUIRED to refinance. Most residential mortgages have a clause requiring that you actually live in the house. Check yours to make sure.
A business loan would be a bad idea. The interest rate would be sky high. You would make a better profit if you stay with the mortgage and pay it off with the leasee's payments.
Blunt Honesty
Probably not. The bank would want to do a mortgage loan for investment properties. They make more money that way.
Searchlight Crusade
Can you apply? Yes. Is it intelligent? No. The rates for business loans are higher than residential, and they are generally on a prime plus basis, rather than a fixed rate. It's much better to purchase it as a primary residence or even an investment property than as a business property.
kingstubborn
Using a business loan in that way sounds like fraud. The money is for the business, not residence.
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