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  • Questions that Salt Lake Home Buyers always Ask (#1)

    Posted on October 9th, 2010 admin No comments

    If the appraisal comes in higher than the purchase price can we get a loan for the higher amount?

    Wouldn’t that be nice.
    But no, the lender will not exceed the necessary loan amount.   For some reason it also doesn’t seem to make the loan any easier or faster to close.  Just be satisfied that you negotiated a great deal.
    Later when you own the home and have a current appraisal that exceeds your principle balance then you may be able to get a second home equity loan.  But that can be risky.  Ask anyone who did this from 2005 to 2008.