Rillanon replied to the topic Loan structuring. in the forum Help Needed! 8 years, 9 months ago
Hey Benny
t seems you have an existing mortgage on your home, right?
Yep that is correct. So we should actively try to get our third loan for the house from a separate bank. Even if it costs us a little bit more?
After taking part in this post my wife and I have decided to find someone who can guide us with this purchase. This first…[Read more]
Rillanon replied to the topic Loan structuring. in the forum Help Needed! 8 years, 9 months ago
I currently am using a broker. He didn’t tell us that we had to use our current lender for the equity loan but I guess it kinda became an assumed thing.
Is this not the case? Am I able to take the current equity I have and taking it to another bank.
If not, then I might have to find another broker.
Also, would there be any advantage (other than…[Read more]
Rillanon replied to the topic Loan structuring. in the forum Help Needed! 8 years, 9 months ago
Thanks guys.
That info is very helpful.
I can stop worrying about using borrowed money for the house and the fees. I have been sourcing a good accountant to help make sure that I am structured properly and ensure that what comes in can cover what goes out.
Our bank has started playing hardball with our application so there is a chance it wont…[Read more]
Rillanon replied to the topic Loan structuring. in the forum Help Needed! 8 years, 9 months ago
huh. That makes sense. Also makes me feel a bit more comfortable.
Thanks alot guys.
Rillanon replied to the topic Loan structuring. in the forum Help Needed! 8 years, 9 months ago
ok. Will do. Thanks for that.
I am a bit worried that I am actually paying the whole price of the house with loans. So the thought of going over by using the loan for that as well was daunting.
The plan of course is to get a discounted price though o hopefully we can get it discounted enough to cover all those costs.
Rillanon replied to the topic Loan structuring. in the forum Help Needed! 8 years, 9 months ago
Hey Jamie.
Great thank you.
We are hoping to use no more than $60K for the deposit on a house that is 300K or less. We were looking at using our own money to pay for the extras (stamp duty, etc) however if we can use less than the 60K for a deposit by getting a cheaper house then we will probably use the loan to pay for as much of the extras as…[Read more]
Rillanon started the topic Loan structuring. in the forum Help Needed! 8 years, 9 months ago
Hey all
After hanging around this forum and reading posts for the past years or so my wife and I are finally in a position where we are purchasing an investment property. I am sure that we a going about this correctly but now that I have to actually step up and do it my nerves are kicking in and so I am hoping that I can run what we are doing by…[Read more]