Quote:
Originally Posted by Deegee
Yes, you can get a loan against an asset of tangible value to cover your 20% down.
If you had 15% saved, the lending institution might give you a loan unsecured for the 5% extra it takes.
EDIT: To add to this post, I don't remember doing this for people unless we also held their Mortgage. In other words, don't expect to walk into a place and ask to be lent money for a down payment so you can finance the house elsewhere.
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I thought about using it to secure a LOC but I was hoping it was possible to lump it in your mortgage to take advantage of the lower variable rates found in a mortgage.