Can you buy real estate with a personal loan then get a mortgage on it to pay back that loan?

[axxy]

Buying with a mortgage seems like such a hassle.  It would be so much more convenient if you could apply for the mortgage after you already own the real estate, and use the mortgage money to repay the money you used for buying it.  Because, once you already own the real estate, it doesn't matter much, how long the mortgage company spends beating around the bushes before they finally get around to providing the money for the purchase.  So you can just sit back and let them take however long they want, and give them whatever paperwork they want, and keep that paperwork handy to give it to them again and again, every time they ask for it, without any rush to assemble it again or any rush to beat any kind of deadline.

If mortgage companies don't allow that, is it because it would defeat their purpose in giving you such a hassle?  In other words, why should they go to all the bother of giving you such a hassle if it isn't going to make you sweat or anything?  Or are there other reasons why they wouldn't allow such a deal?

[ShanetheMortgageMan]

Yup, that is totally fine to do.  There are some additional requirements if you plan on doing it within the first 6 months after you purchased though, because you know, to give you a hassle

Edited: forgot to add a word.

[StartingOver10]

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@ShanetheMortgageMan wrote:

Yup, that is totally fine to do.  There are some additional requirements if you plan on doing it within the first months after you purchased though, because you know, to give you a hassle

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Lol...