Quote:
Originally Posted by The Fisher Account
It's called a 'Brampton Mortgage'. Marketplace did a whole expose on this. Lots of falsifying incomes, mortgage fraud and multi-generational house dwelling happening. Wouldn't be surprised if they're also paying a 10% mortgage to a non big bank.
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His problem is he can’t get a mortgage. It looks like a new build he put money down on 2021 and he’s now ready to move in but can’t get a mortgage and the house value has dropped more than his 260k down payment. He also must be getting killed on interest because it quotes his payment at 12k - 15k whereas with a 30yr at 4.54% you’d be in the 8800 per month range. He’s looking at over 7% to hit the 12k number he is stating.