Hi SS'ers
There's a house we wanna buy and settle in 2 weeks. Given this is an unrealistic timeframe for banks to process the loan app and settle, we were thinking to pay cash for it first and then take a loan out against it immediately after. Vendor has no mortgage against it and we have the cash at hand so the 2wk settlement would be achievable.
Thing is i'm assuming the banks would probably consider this a refi because we would have already settled on it so we'd be up for break costs and new loan fees etc....just wondering if there's a way around this because really, we'd be submitting the loan app as soon as purchase contracts are signed if that makes sense??
There's a house we wanna buy and settle in 2 weeks. Given this is an unrealistic timeframe for banks to process the loan app and settle, we were thinking to pay cash for it first and then take a loan out against it immediately after. Vendor has no mortgage against it and we have the cash at hand so the 2wk settlement would be achievable.
Thing is i'm assuming the banks would probably consider this a refi because we would have already settled on it so we'd be up for break costs and new loan fees etc....just wondering if there's a way around this because really, we'd be submitting the loan app as soon as purchase contracts are signed if that makes sense??