mortgage on a paid house

[Sue Sonntag]

has anyone heard about getting a first mortgage on a house that is paid for in order to use the money for investing? what are the rates, and how much can you borrow against your house?

[Jon Holdman]

Just to be clear, almost all of these costs would either be paid at closing for the loan or would just be deducted from the loan. DO NOT pay someone up front fees to get a loan. The only up front fee you would pay would typically be an appraisal fee. Unfortunately, with new rules, those are relatively expensive. Probably around $500. Any arrangement where you pay some other fee up front is probably a scam.