Rahde, Home Owner in Chicago, IL

Can you apply for a mortgage after you purchase your home?

Asked by Rahde, Chicago, IL Sun Jun 16, 2013

I have bought my home recently for cash, (It was a very good deal and I have had no credit history up to this point at all, good or bad), but now I’m interested in investing into it. It was a foreclosure, so there are many aspects that need to be added, removed or just fixed.

Anyway, the question is – can you apply for a mortgage after you have bought and paid off the house or is that a different kind of loan? And where on earth do I apply for it?

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Answers

12
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Sun Jun 16, 2013
This is called a technical refinance and should not be an issue. If the home is in disrepair then you will need to use a rehab loan for financing.
If you would like a quote please feel free to contact me at anytime.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
1 vote
Santiago Ken…, Agent, Chicago, IL
Sun Jun 16, 2013
Yes you can ! That's even better you can have you house for colateral for the new mortgage
1 vote
Steve Parsons, Agent, Salisbury, MD
Sun Jun 16, 2013
Yes you can apply for a home repair loan. The lender will use the equity in your home as collateral. My advice would be to talk to a lender and see what they can do for you.
1 vote
Montecristo…, , Chicago, IL
Sun Jun 16, 2013
Yes you can. It will most likely be a home equity loan. Most retail banks you see driving down the street would have such a loan for you.
1 vote
Matt Hoyt, Agent, Highland Park, IL
Sat Sep 14, 2013
Yes you can! Try my preferred lender, Tschwartz@baytreebank.com
Any number of lenders should have a loan package for this.
0 votes
Santiago Ken…, Agent, Chicago, IL
Sat Sep 14, 2013
Yes you can but they will required a lot or docs to make sure is not an scam
0 votes
Daniel Mirea, Agent, chicago, IL
Fri Sep 13, 2013
yes you can !!!As long as the home is not purchased on a business name! I just had a client and he cashed out 1 week after purchasing a foreclosed property in Dunning!
0 votes
Helen Mandel, , Chicago, IL
Mon Jun 17, 2013
You should contact a lender. If you have established a credit history.
I recomend David Radke at Standard Bank (312)806-9309
0 votes
Bill J Delig…, Agent, Naperville, IL
Mon Jun 17, 2013
Yes, you can - Speak to a lender and they will walk you through the process.
Web Reference:  http://www.BJDLOANS.com
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Mon Jun 17, 2013
Hi Rahde,

Yes, you can get a rehab loan using your home as collateral. Speak with Sam Sharpe, he responded below, he's very knowledgeable.

It's possible you may be able to finance for the after market repair value depending on the comps in the area.

Good luck!
0 votes
Daniel Porter, Agent, GLENVIEW, IL
Mon Jun 17, 2013
You should call Sam Sharp
0 votes
Jorge Vega, Agent, Chicago, IL
Mon Jun 17, 2013
Hello,

You can buy as many homes as you can afford. There are certain lending rules you will have to abide by such as down payment requirements and credit scores but overall, if you can pay it back then they will lend it. There are a few lending options for your scenario, I would suggest you speak with an experienced loan officer at your local bank. If you would like recommendations please feel free to call or email me. Its a great time to invest and those who are not are missing out on one HUGE opportunity. Good luck!
0 votes
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