Are you in a situation where you're thinking about buying a house before selling or have you already bought a house and you can't sell your home?
Well, we have three ways that you can get around that.
#1 - "Re-Finance & Buy"
Now option number one is if you have a home right now, we may be able to take the equity or refinance your existing home to help you buy that second home and turn your existing property into a rental. In doing so, we can borrow up to 80% of your property's CURRENT VALUE and utilize the rental income on your property to help you qualify and carry TWO properties!
#2 - Interalia or Interim Financing
Number two is what we call an interalia or a blanket mortgage and what this is is basically where we take the value over both of the properties and lend you money up to a percentage of the maximum value of both properties. Once the one property is sold, it pays out the mortgage and we put a new mortgage on the next home.
#3 - Co-Applicant
The third option is to consider a co-applicant, if you have someone who's a very strong co-applicant that can go on the file of one of the mortgages, this may allow you to use their income and assets to carry both properties.
Now we hope you're not in that situation, but if you are, make sure to make us your first call. We have experience with this as well as a whole lot of other mortgage matters.
When you need access to all solutions with a Mortgage Broker who works on creative solutions for you - Make sure to Reach Out!
Get in touch!
What To Do Next? 😎
Reach out to us If you are THINKING about buying or Refinancing
Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
Send them our way and we will give them an estimate of their before and after rule pre-qualification.
Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.
How to Start Reach US! 📲
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