Appraised Value
would you please tell me the following is accurate. i purchased my second house for $44,000 and it apprased at $68,000. when i apply for my mortgage is it possible to get $53,000 and keep the $ 8,000.00
This REI is so addictive. please help with a response.
Yes, find a lender who will give you a 80% LTV note. Some lenders will only lend on the lessor of the purchase price or the AV. When you build a relationship and a track record with a lender they generally will give you better terms.
Good luck
Two things.
1. The loan amount might be too small for some lenders. Being over 50K will likely help.
2. Just because you can pull out the cash does not mean it will make for a good deal. Make sure you have sufficient cash flow to make this work. The lender will be checking the numbers as part of the qualification process.
Otherwise well done. I am sure if feels good to have the equity and what looks to be some cash to work with.
John
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