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by Answer Rabbit on April 26th, 2006

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Can I get an extra large real estate loan and use the excess money to put in my front and back yards?

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  • by aaron98101 on April 26th, 2006

    aaron98101

    If you are refinancing an existing mortgage, you can use proceeds from the new loan for home improvement (including landscaping). The lender will probably classify the loan as a "cash out" refinance and may charge you a little more in points, interest, or fees than on a no-cash refi. If your'e getting a mortgage to purchase a home, you might be out of luck. Lenders do not generally allow cash back on purchase transactions.

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