Monday, February 29, 2016

Can you use money from your mortgage to fix up a house you are buying?


Say, if I am pre-approved for a $200,000 loan, and I want to buy a house for $150,000 that needs $50,000 worth of repairs, can I take $50,000 from my pre-approval money and use it for repairs before I move in, or is that pre-approval money designated soley for the up-front purchase of the house? Like, would I have to only take $150,000 from the mortgage company and then get another personal loan or something for the $50,000 worth of repairs? I m sorry, I hope I m being clear, I m very new at this.

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