Hello
I`ve left messages both with my current mortgage holder (TD) and a message with Peter Kinch`s Office (Mortgage Broker) to find out my options, but wanted to start a thread to see what others have done and why...
I currently own our home which we were planning to sell in 2 months. However, a friend is selling their home and we have the opportunity to purchase it before it hits the market, thus saving the commission ($15,000) plus they have priced it below market value as they have already purchased a 2nd home.
So, we have access to borrow approx. $80,000 which will allow us to put 20% down payment on the new home while still owning our current home. Our TDS is high due to our high housing costs in Vancouver, so I can`t see it being possible to qualify on our own for the 2nd mortgage. With this in mind, what are our options?
The only option we can think of at this point is to have a family member co-sign on the loan. We will then place our home on the market ASAP, hopefully sell quickly, take a small hit on some carrying costs and then re-pay the $80,000 once everything is finalized.
--- Would it be an easy process to simply take the family member of the loan at this time?
--- Any additional costs associated?
--- Any issues with the above option?
What other options do I have?
Thank You
I`ve left messages both with my current mortgage holder (TD) and a message with Peter Kinch`s Office (Mortgage Broker) to find out my options, but wanted to start a thread to see what others have done and why...
I currently own our home which we were planning to sell in 2 months. However, a friend is selling their home and we have the opportunity to purchase it before it hits the market, thus saving the commission ($15,000) plus they have priced it below market value as they have already purchased a 2nd home.
So, we have access to borrow approx. $80,000 which will allow us to put 20% down payment on the new home while still owning our current home. Our TDS is high due to our high housing costs in Vancouver, so I can`t see it being possible to qualify on our own for the 2nd mortgage. With this in mind, what are our options?
The only option we can think of at this point is to have a family member co-sign on the loan. We will then place our home on the market ASAP, hopefully sell quickly, take a small hit on some carrying costs and then re-pay the $80,000 once everything is finalized.
--- Would it be an easy process to simply take the family member of the loan at this time?
--- Any additional costs associated?
--- Any issues with the above option?
What other options do I have?
Thank You