Posted on: 04th Sep, 2013 12:32 am
I am looking for a mortgage to buy a home. I have been pre-approved for a mortgage of $160k and decide to purchase a house for $120k. What will happen to the excess funds? Can they be used to purchase appliances or redo a roof?
Hi Guest,
Though you have been qualified for $160k, if the property value is $120k, then you will get a loan of $120k. You will not get any extra money. So, the question of purchasing other items with the extra funds does not arise.
Thanks,
Jerry
Though you have been qualified for $160k, if the property value is $120k, then you will get a loan of $120k. You will not get any extra money. So, the question of purchasing other items with the extra funds does not arise.
Thanks,
Jerry
Hi Guest!
Welcome to the forums!
You will not get any kind of excess funds. You will only be able to get an amount which is equal to the cost of the home.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You will not get any kind of excess funds. You will only be able to get an amount which is equal to the cost of the home.
Feel free to ask if you've further queries.
Sussane
No, you won't get any extra funds. You will certainly get a loan amount which is equal to that of the value of the home.