buyying a house

machine99

machine99

New member
tomorrow the wife and i are filling out some paper work looking at 2-3 more houses and then starting the process on buuyying one of them. well we qualify for $20,000 more than the house cost. can we use that money for whatever (refrigerator, washer/dryer, pay off car, cycle, etc.) or do we only get the money needed to purchase the home no matter what we qualify for???
 
as long as the worth of the house covers the loan your ok talk to your banker (whoever s given the loan) as long as its not guedo from down the block.
 
It depends on the lender, your agent would need to write some type of credit from the seller in the contract to cover the cost of the appliances, but some lenders won't even allow this.

Generally the amount you are approved for is the maxium you can spend, minus your down payment. So if the sales price is less, that is what your loan will be for, not the amount you were approved for.
 
Keep in mind, too, that the more you borrow the more you'll have to pay back plus interest. The first place I ever bought was a condo on one of our local lakes and if I had payed the minimum payment for the full 30 year term I would have payed for the house like 3 times over.....my advice? Go to your local Best Buy when they have 18 months no interest and get your appliances and related items there or just wait until you have the cash in hand
 
its stressful

buying a house! wow. when we did it , i went crazy! bid on this one lost it bid on that one lost it find this house, its got termites blah blah blah. good luck!
 
The only way you'll be able to have access the extra money using the house as collateral is if you buy the house for less than the appraised value.

For instance, if the house appraises for 150,000 and you buy it for 135,000, then you will have access to 15,000 via a home equity line of credit. Now if you are putting money down, that will increase the amount of equity.

Don't get a home equity loan; make sure it is a home equity line of credit that way you can write the interest on your taxes.

Hope that helps.
 
Congrats on your first house! It's a really satisfying feeling knowing that the house is "yours" as opposed to renting!
 
The house is Brand New or used? IF brand new I think it is easier to get extra cash for appliances, If used most come with the appliances you need.
 
hey bro, i'm a Mortgage Banker, there are a few diffrent ways to get the additional money. I see that Bleed Green is an Underwritter, and with all due respect, underwritters are typically conservative, no offense Green. I you have any questions, feel free to get in touch with me and maybe there are a few options you may have.

Congrats on you new home purchase.

NJneedle
 
hey bro.. son\mething to think about on the long term.. if the bank knows you are going to pay the note.. they'll give you the money... there's a loan out there that you kids can get that will set the money in a side account and you can use it over a number of years for home inprovemnets.. can't rember the name.. just ask your banker.. then as the work gets done you can draw on the account and pay for anything that goes into the apprisasion vauvle of the house..
 
Home Equity Line Of Credit

With a home equity line of credit there is no monthly payment until you use the money. With a Home equity loan, they put the money in your account and you start paying monthly payments. And you have asked for a certain amount, what if you don't need that much. With a home equity line of credit you just write a check for what you want and then that all you are making payments on.

I think you should definately talk to GREEN and NJneedle.

Ask them the advantages/disadvantages of each one before you make your decision.
 
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