Mortgage Help Please!!!!?

Hello!

I’m in Ohio (Summit County) and have came into a large settlement, I am 23 years old and quite frankly have no experience in loans, lines of credit, I’ve pretty much paid cash for everything I’ve ever owned other than some minor retail credit cards and the occasional payment plan for jewelry, etc.

I am buying a house, car, and a few new household appliances and whatnot. We’re looking at a simple conservative house around the 170K area. This is the root of my whole question; Can you borrow more than the value of the home? I know this might seem like a simple question but with all the issues with sub-prime lending and other dumb republican-democratic economy screwiness..

I’m looking to borrow an amount at or around 30K~ over whatever the house will end up costing us final cost, done deal, out the door..

I’ve read that houses can easily be used as collateral for a secured loan, I just didn’t know how flexible companies were in regards to “writing over”. I mean it’s like righting a check to a grocery store, getting it approved for $ 20 over, except it’s like $ 20,000 or $ 30,000!! I’ll be able to pay whatever the monthly payment is, of course I am being fairly frugal but nothing too lavish, doesn’t take much to make me happy. I’d feel better living in a beautiful new house in the country and donating thousands to charities rather than doing the typical “I just got rich” thing and ruining their financial future and security with 1 or 2 moronic purchases. I am only borrowing 30K over the top, so I will spend less than =>170K on the house and need at least 30K extra.

If anyone has a clue on how these things work I would appreciate it very much because I’m sure I would get taken for a lot of cash if I just went out to a bank ignorantly and got a loan because their sign was nicer.. Oh too, should I “lie” to the bank about how much money I have? Anytime I’ve bought a car I just started out with the base cost of the vehicle, and say that’s all I have. If they take a 2K hit, it really costs them nothing with a return customer and referrals they actually owe that to the consumer if it were a perfect world…:(

I hope I didn’t confuse anyone with this, I am getting evicted from my apartment (good timing right????), was in a really terrible rut financially due to losing my job. I have the check and the monthly annuity check (partial lump sum then monthly payments for 20 years).

I am just wondering because I found out today, it’s a Saturday and I’d like to be as ready as an accountant so I can make this happen yesterday! 🙂

Thanks guys,

Rick

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