Can you take out extra money with your mortgage to help with

myers812 · Joined: 22 Jan 2008 Posts: 1 1.34 Dollars($)

We are first time homebuyers and we were wondering if extra money can be work out with the mortgage to help with furnishing and remodeling costs. example(new windows, appliances, add ons) Thanks, Cindy

livinginnky · Posted: Tue Jan 22, 2008 11:17 am Post subject:

Probably not. If you purchased the home and had equity available you could wait 6months to 1 year and refinance for "cash out" and get the necessary money.

gmakerley · Posted: Tue Jan 22, 2008 12:09 pm Post subject:

not really, cindy. the best way to take care of that is to use less of your available money for down payment and make those purchases with whatever money you have available.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi myers,

Welcome to the forum.

I do agree with George and Eric that it may not a possibility to gat extra money for "furnishing and remodeling costs". After you gain good enough equity, you can do cash out refinance to get the extra money.

Best of luck,
Larry

evolovik26 · Posted: Wed Jan 23, 2008 7:11 am Post subject:

If you havent bought the house yet FHA 203(k) loan can get you up to 30k in addition to purchase price if the future home value supports it, however that will have to go towards things to make the home habitable such as painting the home putting in new kitchen sink, washer/dryer and some cosmetic structure improvements. If you have equity then after purchasing the home you can get a Heloc for home improvements but with most lenders you will be waiting at least 6 mon before you can do this.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

If you have put money aside for closing costs then you could have the seller pay them and use that money for some items for your new home. Another option would be to put less money down on the new home to free up some funds.

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