Can you get a bigger martage to pay off dedt than the selling price?

Question

Can you get a bigger martage to pay off dedt than the selling price?

Answer 1

Not anymore without a great deal of difficulty, and horrible rates.

It is very difficult to get a loan for higher then the price that a house is purchased for - unless you can show improvements that will be made that will affect the value of the home.

These types of loans are improvement loans, rehab loans, or repair loans. You have to shop around to find them.

You can also try hard money lenders - they lend money based upon the ARV (After Repair Value) of a home, not on the purchase price. They will fund the purchase and repairs up to a certain percent (normally 75%) of the ARV.

To get a loan just to pay off other debt - not very likely, and if you do, the rates are bound to be horrendous.