Quote:
Originally Posted by ken0042
I don't think you could do that, Syl. To mortgage up to that high of a value; wouldn't you need to get a 2nd mortgage? And IIRC it's just the first mortgage is assumable.
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I don't know never tried to get a mortgage for that much. I was thinking like a Calgary couple who's had their house for 3 years have a 120k per year combined income refinancing their house. Essentially they owe 200 on a house worth 475 type of thing. Refinance on a high ratio mortgage so that they're walking away with 250 in their pocket and can have their house with a 25k cash to mortgage assumable. They go back to Nova Scotia and buy the house with the money from the refinance and after a year they get their credit rating back.
But I don't know for sure that you can do that. I had a co-worker pull a thing like that like 3 years back when prices were low. Refinanced his house for like 100% of the mortgage. Than sold it as an assumable with 20k cash to mortgage. His problem was it messed his credit and it took him 7 months to find someone who'd lend him to buy another place while he was on the hook for the assumable. Of course that was back when people who ran their own bussiness had trouble getting a mortgage. Rules are different now, and of course so are prices.