Generally speaking, no. Lenders will have a professional appraisal performed on the property, and you will not be able to finance the property for more than the amount for which it appraised. After a period of ownership, you may be able to obtain a HELOC on the property, if you gain some equity, and use THAT to pay off the old debt.
Can you roll a previous debt into a new home mortgage loan, and if you can does it rise your intrest rate???
If you have an assumable mortgage, what you can do is turn your original home mortgage loan into a %26quot;wrap-around%26quot; mortgage. In which the buyer of your existing home makes higher interest rate payments on your existing loan. You receive a break on your new mortgage payments, and of course the bank makes out well.
Wrap-arounds are tricky to explain, but I know it can work for you. Consult someone at your bank, or research it some more.
Can you roll a previous debt into a new home mortgage loan, and if you can does it rise your intrest rate???
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