Oh I see... well I actually have a 10% deposit only, the 20% was a typo. In that I guess the deposit would be pushing 110k... which probably isn't really worth it, right?
No, no.......
You have 10% deposit OK = $40K
You are borrowing (or trying to) 90% x $400K = $360K
Example again, if valuer says worth = $380K then bank lends 90% of $380K = $342K
You need deposit = $400K - $342K = $58K
Same Q: Do you have that? (in the event valuer says its is worth $380K AND you still wish to proceed.