Re: O/T can it be done

Posted by Rick Kr on January 11, 2007 at 12:28:33 from (198.208.159.17):

In Reply to: O/T can it be done posted by old on January 11, 2007 at 10:21:26:

Old,
In short I would say no. Most banks will only loan up to 80% of value.

You can get 100% or even 125% value of your home but you are looking at a non-conventional loan and the interest rates go up accordingly.

For example, right now 30 year traditional loans are about 6.5%, the most aggressive money market accounts (constant income) are only about 4.5%.

As stated below most banks loan you money at an interest way higher than what they will pay you to "borrow" your money.

Thats kinda the short answer. I am not sure how you could go about that. Banks are not in the business of losing money.

Rick

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