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KP
Lv 4
KP asked in Business & FinanceRenting & Real Estate · 9 years ago

First time home buyer question?

Can you use part of the bank loan to buy out of a apartment lease or does it all go directly to the seller of the house

3 Answers

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  • real estate guy
    Lv 7
    9 years ago

    No you can't use the mortgage loan to buy out the apartment lease.

    And yes, the loan goes to the seller, who in turn will pay off their mortgage and anything left over, is theirs.

  • Pearls Before Swine
    Lv 7
    9 years ago

    The loan money doesn't go to you for you to use as you like. Instead it goes directly to pay the seller of the house.

  • Jeff T
    Lv 6
    9 years ago

    The check for the mortgage goes to the seller, not you. Now if you want to get a second, separate, loan to pay off the landlord, that's possible.

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