First time home buyer. How much will the bank loan us?
The house is appraised at $ 90,000. We are approved for it, however, the seller is only asking $ 85000 for it. I have no idea about mortgages! This is my first one and I’m wondering if we can borrow $ 90,000 (the value of the home) and pay the seller and keep the rest? Or can we just turn around and get a home equity loan?
I was just curious. Thank you for all the POSITIVE input and advice. We don’t NEED the $ 5000, but I just wondered if we could get it. As I said, I have NO idea how this process is going to go! That’s why I ASKED. I don’t appreciate some of the insulting responses. People are rude. But those of you who actually ANSWERED my question without being jerks about it, thank you so much. You’ve been very helpful. =)