No. However, later on, when you built equity in your house, you might take out a Home Equity Loan
and use it as needed. It has to make sense financially - because normally the car loans have low interest rates to start with, also - Home Equity Loan is tax deductible only if you use it to improve the house, not to pay off cars...
So, maybe you will be able to do a cash out refi instead (when there is enough equity).
This will be better because the rate will be fixed (instead of variable in HELOC situation), and you can also have very small closing costs or no closing costs when refinancing.
Hope this helps,
Beachfront Realty, Inc.
No. The actual loan amount will be based on the purchase price or appraisal, whichever is less. A less expensive home may free up some down payment or closing costs you could use to pay down other bills, but no conventional loan will fund for more than the purchase price or appraised amount.
A rehab loan will allow additional funds for improving the home, but these are closely watched and you need reciepts from the contractors to access the funds.
The amount of money you are able to borrow against the house, using it as collateral, is going to determine how much money you may borrow. Not the amount that you were pre-approved for. It sounds like you are just purchasing the house and there may not be much equity though. Equity is the value of the home minus the amount you owe on the home. If you have equity in the home then it is worth speaking to a lender about a Home Equity Line of Credit which would permit you to borrow additional funds that could be used to pay off other bills.
Basically your house is your collateral to the bank IN "trust" you will pay them.