Need mortgage advice please.?

Question

I'm going to purchase a 160,000 townhome and my credit union (having 5.9% interest rate) will only finance 80 of the value which accounts to 32,000 that I need to come up with. I have about 15k in cash to cover closing etc. Can I get a second mortgage from another bank to make up the difference? How can I come up with the money?

Answer 1

so with the "new" purchase, you will then have two properties, correct? Yes, as you now know, the equity in your "old" place cannot be tapped for part of the down on the "new" place. And, no, a second mortgage at another bank will do you no good (and wouldn't be approved). My advice you may not like, but i'd suggest foregoing the "new" place without selling the "old" place. Unless you can turn the "old" place into a rental and get enough rental income to pay ALL costs for that property. It sounds like you may be biting off more than you can chew, so to speak, and it today's financial climate, i'd say err on the side of caution and don't extend yourself needlessly. Good luck.

Answer 2

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