Personal loan vs Home Loan to buy a house
There seems to be a confusion about which loan structure to use when buying a home and customers are constantly looking for an affordable way. A personal ...
Should You Get a Personal Loan
It is better to avoid a loan all together and if you need a personal loan, it is already too late. The interest rates that these companies charge is outrageous and is ...
Personal Loan For House
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Personal loans are not typically used to pay for a house. However, there may be some exceptions in certain situations where it's not only possible, but it may be a better option than a mortgage loan. Buying a House With a Personal Loan. If you're buying a standard single-family home, getting a mortgage is your best bet.
You will almost never be able to use a personal loan for a down payment on a house. Shawn Proper, senior vice president of mortgage and consumer lending at Mars Bank, explains why.
“Logically speaking, [a personal loan] defeats the purpose of a down payment,” says mortgage loan originator Michael Kaufman from R&J Capital, LLC. Lenders view a sizeable down payment as reducing their risk. Using a personal loan for a down payment might signal to a lender that the borrower isn’t a good risk for a loan.
I know someone that is looking at a house tomorrow and if they like it plan on getting a personal loan to pay for the balance probably 10-15k so I wasI know someone that is looking at a house tomorrow and if they like it plan on getting a personal loan to pay for the balance probably 10-15k so I was
Most of the people answering you don’t know what they are talking about. Yes, of course there is no law against it. And also, no way in hell you are getting a mortgage loan for $15K, plus the loan expenses, lender's policy from title insurance, an...