Quote:
Originally Posted by amorak
You're way too leveraged if I understand you correctly, so I can't expect anyone short of a loan shark is going to loan you the money.
1) You recently bought your first home and you only have $10,000 equity in it
2) You have no options for unborrowed funds for a second downpayment.
Unless the house value of your first home is very low - IE it's a $100,000 home and you make $150,000 a year, then you are likely not going to qualify for a mortgage regardless of the d/p if all you've got is $10K equity in your first home.
Maybe if you can provide some figures, ballpark, as to the above, a CP-mortgage broker can help, but if I were a CA  (gotta CYA), I would tell you that unless the above is true (very low value first home with a high salary), you're going to have to build up some serious equity before a bank lets you take on a second mortgage - Nevermind that you're not allowed to have a borrowed deposit. |
Just to clarify:
I took out a mortgage for 200K last Aug.
I just talked to my RBC guy who tells me I can get the 300K mortgage
He says CMHC is the obstacle becuase they want 10% (30,000) which I don't have sitting in my account right now becuase I pay off other things very heavily like my Jeep.
Borrowing the funds and paying mortgages is not a problem, its getting the $30,000 right now for the downpayment.