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Sep 28, 2017 - 34 minute read

Can i use personal loan for mortgage deposit

You are being set up. This may help you get your loan quicker, but you may not have enough income to make the required monthly payments and could lose your home. Beware of balloon payments.

If you have fallen behind on your payments, and face foreclosure, some lenders will offer to lower your monthly payments.

Look carefully at the terms of the loan. The payments may be lower because you may be paying only the interest on the loan. At the end of the loan term, you will be asked to pay the entire amount you borrowed, due in one lump sum.

This is called a balloon payment and often results in the loss of your home.

Can i use personal loan for mortgage deposit

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Can i use personal loan for mortgage deposit

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