My family and I bought that house for $389,000 and we had a 1st mortgage and a 2nd one. In those days if you couldn’t qualify for a loan for the whole thing they would do a 2nd mortgage. That 2nd mortgage would be at a higher interest rate. It would, however, allow you to a...
Typically, you should expect to put about 20% down when you purchase a home. There was a time when you might not have been able to secure a mortgage at all without 20% down (or more). These days, many lenders have relaxed this standard. That said, a bigger down payment means borrowi...
The likelihood of being able touse your loan moneyfor any purpose can also depend on the type of loan you're receiving, whether it's a mortgage, car loan, student loan, business loan, or personal loan. Home Loans Mortgages are used to purchase a home orrefinance an existing home loan....