Finance

[WebBoard]

From: Mike .


Mortgages
From: Jonathan
Date: 6/22/00
Time: 5:56:43 PM

We have 2 IP's one of which is mortgaged against our home. (I know some of you don't agree with this but nevertheless that is the case) In the not too distant future we would like to acquire number 3.

However I am sitting here puzzling over exactly what collateral I will have to provide the lender. I have an LOC on my home, is it simply a matter of borrowing the deposit and going to another lender or can I stay with my existing lender and have two properties mortgaged against my home ? I have to admit I don't really understand this bit and any help would be greatly appreciated.

Jonathan

P.S the other IP was my wife's before we met and she started from scratch with a deposit.

 

[WebBoard]

Scott

Reply: 1
From: Mike .


Re: Mortgages
From: Scott
Date: 6/22/00
Time: 8:38:42 PM

Jonathon

Why not try both options.

Go to your current lender and see what they will do for you. I recently got a 0.25% reduction on a 3 yr fixed interest rate on a new home loan, just by telling my current lender that I was looking elsewhere.

Go to other lenders and ask them if they will give you a stand alone loan using cash from you home loan - I'm sure they will! Why not tell them what your current lender is offering and see if they will beat it?

Don't be afraid to ask questions - ask the people who know the answers. It only takes a phone call and then you won't have to sit there wondering about it.

DO IT NOW!

Scott