I own my parents home and want to take a loan from it to buy a fresh house for myself.
right now I have the loan crinkly up. once it's approved and deposited can I simply just buy a house (if I have adequate money) A friend of mine said you cant buy a house like that. even if you had change it doesnt work that way, you would still have to be approved to buy a house.
Answers:
You can do this easily. The bank is one and only interested in whether you are trying to cheat them. Are you claiming that you are going to be living in the "old" house and next tell the new lender that you will be living within the "new" house. YOu can't have 2 primary residences. If you don't lie, you receive as many loans as you want (up to a total of 4 loans). Get to work. /
One way or the other you're going to hold a mortgage - either on the old house or the fresh one. Getting creative in how you do it is not looked on nicely currently.
Instead of depending on "my friend says" or "ReFinanceFreeFAQ.com says" you should approach your local mortgage brokers and see how much of a loan you qualify for.
Yes and no.
If you do a cash-out loan, the dune will ask you for what purpose you are planning to get the loan.
As soon as you say, "to buy another house", it will be decline.
If you lie, it's loan fraud.
Take your pick.
When you say you enjoy the loan lined up do you mean it's be approved? Are you trying to pay cash for the house you are planning to buy, or will this a short time ago be the downpayment? Provide some specifics and I can help, but it sounds pretty fraudulent already.
It works close to that, you can pay cash.
You hold to qualify for the loan on your parents house and they can't be on the deed, and of course it wants to be paid for already.
If your parents home is in their name and not yours...you can not use it towards purchasing a home of your own.
You can pay lolly for a house, your friend is wrong.
if you need more money- mortage or a loan- then yes you would own to be approved.
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Answers:
You can do this easily. The bank is one and only interested in whether you are trying to cheat them. Are you claiming that you are going to be living in the "old" house and next tell the new lender that you will be living within the "new" house. YOu can't have 2 primary residences. If you don't lie, you receive as many loans as you want (up to a total of 4 loans). Get to work. /
One way or the other you're going to hold a mortgage - either on the old house or the fresh one. Getting creative in how you do it is not looked on nicely currently.
Instead of depending on "my friend says" or "ReFinanceFreeFAQ.com says" you should approach your local mortgage brokers and see how much of a loan you qualify for.
Yes and no.
If you do a cash-out loan, the dune will ask you for what purpose you are planning to get the loan.
As soon as you say, "to buy another house", it will be decline.
If you lie, it's loan fraud.
Take your pick.
When you say you enjoy the loan lined up do you mean it's be approved? Are you trying to pay cash for the house you are planning to buy, or will this a short time ago be the downpayment? Provide some specifics and I can help, but it sounds pretty fraudulent already.
It works close to that, you can pay cash.
You hold to qualify for the loan on your parents house and they can't be on the deed, and of course it wants to be paid for already.
If your parents home is in their name and not yours...you can not use it towards purchasing a home of your own.
You can pay lolly for a house, your friend is wrong.
if you need more money- mortage or a loan- then yes you would own to be approved.
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