What Happens to reminder of Home Loans?

Shyla Bernetta · Tweet this Post! #1 (**permalink**) 10-06-2009, 09:21 AM

when you get a home loan for let's say $100,000 and you buy a house for only $80,000, what happens to the $20,000 you didn't use? Can you use it to renovate your house or what?

Xanthia Alysha · Tweet this Post! #2 (**permalink**) 10-28-2009, 05:16 AM

It doesn't work that way. First you need to be approved by a lender for a mortgage amount. Lenders only lend you what you need to buy the house.

Ms_Margaret · Tweet this Post! #3 (**permalink**) 10-28-2009, 11:51 AM

Hey, what are you talking about. It hardly happens. The amount you have applied for is firstly get approved by the bank and if it is costing $100000, you may get $80,000 but can't get any thing more than $100000.

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