How to get a simple home loan?

Submitted by chubbs79 t3_1282ptv in personalfinance

There is a home I am looking to purchase as a primary residence, fixer upper. It is 99K, and I have the cash to purchase it outright. However, I don't want to use all of the cash to buy the home, so I will need a home loan. My question is, how much is enough for me to get a home loan without having to fork over every bit of my information to the mortgage company? Is there any way for me to put down half to keep the mortgage company at ease that I can afford the loan? Any information is much appreciate and suggestions are also welcome.

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UnsurprisingPun t1_jegxltg wrote

No one is going to loan you a penny if you want to conceal anything.

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chubbs79 OP t1_jegyejk wrote

Is there anyway to accomplish what we're trying to do?

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Joseots t1_jegyldb wrote

Pay all cash. That’s the only way.

If you involve the bank, they want ALL your information. No way around it.

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chubbs79 OP t1_jegz3zd wrote

I guess you're right, no other way around it. I appreciate it.

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UnsurprisingPun t1_jegyqbs wrote

Go to a bank. Tell them everything they ask. Provide a boat load of documentation, and they’ll loan you whatever you want.

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chubbs79 OP t1_jegyxqq wrote

thanks for the very useful information.

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meamemg t1_jegz6nw wrote

You could get a personal loan rather than a mortgage. But the interest rate will be much higher.

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chubbs79 OP t1_jegze78 wrote

I thought about that, and I'm sure the term would be much shorter. Would I still need the same information for a personal loan though?

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meamemg t1_jegzg6y wrote

Maybe. What information are you trying not to disclose?

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meamemg t1_jegziod wrote

You could also try a margin loan against your investments.

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chubbs79 OP t1_jeh0i8g wrote

That is a very good idea! That is even simpler than trying for a personal loan. It's not that im not trying to disclose anything, I just want to make this a simple process without having to go through the song an dance with a mortgage company. ya know?

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Joseots t1_jegzjyi wrote

Bank is still going to want his personal info to issue a 100k personal loan. Doesn’t help OPs situation

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meamemg t1_jegzz5n wrote

Depends on exactly what they are trying to avoid disclosing. If it is the source of the $50k for the other half, for example, the bank probably doesn't care about that.

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maestro_man t1_jeh0uko wrote

Any mortgage lender is going to need a LOT of information from you. Whatever you’re trying to keep private is totally your business, but I’m grateful they go to the lengths they do and won’t loan money to someone that won’t divulge their financials (and I mean absolutely no offense). That is a recipe for large-scale economic disaster. But I hope you find something that works for you! 🍻

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chubbs79 OP t1_jeh1jp2 wrote

No offense taken at all! It's not that I am trying to keep anything from anyone, I just hoped that I could make this a simple process but someone else just suggested a margin loan against my investments which may be the next best option to paying just cash. I didn't mean to sound shady, just trying to make this as easy as possible for my self when this could possibly be the smallest mortgage I would have.

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maestro_man t1_jeh2mgs wrote

Ah totally makes sense. Going through the lending process is suuuuch a pain in the ass haha.

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chubbs79 OP t1_jeh2pki wrote

exactly, and for that amount it seems even more daunting haha

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