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My fiancee's parents decided they do not want their home anymore. They owe (rounded up) 70,000 on their mortgage. An appraiser said it was worth 120,000 a month ago, but online they say it ranges anywhere from 90,000-103,000. We decided to take over the mortgage, and the bank will transfer it to us. If we wanted to do the mortgage for 81,000 so we had some extra money for adding a new A/C and remodel a few rooms. Would they do this, or would we have to get a seperate home equity loan?
If you are "purchasing" the home, you cannot get cash back.
If you are on title and refinancing to put the mortgage into your name only, then you could apply for a cashout refinance.
I recommend discussing specifis with the bank that is assisting you, as I don't know anything in regards to the type of loan you are doing with your bank.
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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Real Estate Home Mortgages
Answers by Expert:
Brian HAHN
Expertise
I am a mortgage banker/loan officer.Have top knowledge of all types of mortgage loans.Can assist nearly anyone looking to finance a residential property.I enjoy traveling [Society Islands (Tahiti, Bora Bora), Hawaii (Maui) and Africa (Zimbabwe)].I keep detailed information on adventures and am willing to share this information with others.{{Bachelor of Science in Business Administration from the University of Iowa, 1986"
Experience
Home Buying
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