Can I take out a first time mortgage that is greater than the cost of the house and use the excess money to pay off other debt?

Asked by Alison Hillman, San Francisco, CA Fri Feb 15, 2013

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Rafael Herna…, Agent, Roslindale, MA
Fri Feb 15, 2013
Usually you cannot do this. If you are getting a rehab loan you can get a loan for the house and get addtional funds to do work to the house. I would recommend that you contact a mortgage broker to get more details.
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Mario Pavli, Agent, Boston, MA
Fri Feb 15, 2013
I would have to say no but I would contact a mortgage broker and let them guide you.
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