I was just wondering if this was possible, i know you can do it when you remortgage but how about your first mortgage?
This is called a cash-out refinance. Basically, you refinance your mortgage and borrow more money than you currently owe. So you take equity out of your house to use for other purposes. A couple of things. Right now, if you do not have 20% equity in your home, this is very very unlikely to be approved. You could do a home equity line, but you’re still going to need a minimum amount of equity.
Second, this is a really really bad idea. Why increase debt on your primary asset to pay for lots of little stuff that is long gone?
May 1st, 2010 at 5:23 am
k
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May 1st, 2010 at 5:42 am
You’re kidding right??? Why would you want to stretch out a credit card debt for 30 years?!?!?! You really want to pay on that new shirt you bought last month for 30 years and pay 10 times the original price in interest? Very foolish idea.
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May 1st, 2010 at 6:17 am
No you cannot. In fact, that is impossible.
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May 1st, 2010 at 6:48 am
This is called a cash-out refinance. Basically, you refinance your mortgage and borrow more money than you currently owe. So you take equity out of your house to use for other purposes. A couple of things. Right now, if you do not have 20% equity in your home, this is very very unlikely to be approved. You could do a home equity line, but you’re still going to need a minimum amount of equity.
Second, this is a really really bad idea. Why increase debt on your primary asset to pay for lots of little stuff that is long gone?
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May 1st, 2010 at 7:00 am
Kind of….
You are buying a £100k house
You have £25k deposit
You have £5k on the cards.
You borrow £80k and only pay 20% deposit, leavibg you with cash to pay the cards. However, a 75% LTV mortgage will be at a better rate than an 80% one.
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May 1st, 2010 at 7:18 am
Good day,
I am Richard a private loan lender, i give certified loans to serious minded individuals and company at an interest rate of 5% with total loan repayment allowed weekly monthly or yearly depending on how you can make repayments if interested email me at rj.microfinance@mail.mn .We only offer out in: Dollars,Pounds,Euro and Naira only.Apply with the following details:Name,Address,Cell number,Occupation,Monthly income,Loan amount needed&Duration.
Email: rj.microfinance@mail.mn
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