Owning your own home

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DethBeard

Stupid question warning
When buying a new house is the mortgage LTV based on what you pay or what the place is worth?
E.G. the house is on for 300, but you get it for 280, you get a mortgage for 250, is it a 90% or 85% mortgage?

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NickCJ in reply to @DethBeard

It's usually the lesser of your purchase price and the valuation, unless there's some compelling reason you can prove to the bank why you were able to buy it below market value.

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