Chiggs@mac.com
New Member
I have a question for any mortgage brokers out there... Mods - this seemed like the best place for the question - please move if not appropriate...
I am pre-approved for a condo purchase that was initially supposed to close in 2009 (yeah - right !!) but now looks to close in late 2010 or 2011. I have already paid a 10% cash down payment for this property and it has increased in value since I purchased it...
I previously sold my other condo and am renting as I wanted the flexibility to not have to time the sale of my condo to the closing of my new condo.
With the delay in my condo's completion, I'm starting to feel as though I don't want to wait that long and may instead want to purchase a small house close to High-Park or Y&E to remain fairly close to downtown yet have a small yeard, etc. Most of my liquid savings went into the 10% down payment on the condo although I could certainly put together a 5% downpayment for a second property... If I were to do this, my intention would be to keep the condo and rent it out or sell it once it's complete.
In the interim, how would the banks view my mortgage application? Would they be assessing my ability to carry both mortgages and if so, would they factor in potential rental income from the condo once it's complete? Or am I basically forced to wait 2 years or so until I can sell my condo?
Any thoughts / advice would be much appreciated...
I am pre-approved for a condo purchase that was initially supposed to close in 2009 (yeah - right !!) but now looks to close in late 2010 or 2011. I have already paid a 10% cash down payment for this property and it has increased in value since I purchased it...
I previously sold my other condo and am renting as I wanted the flexibility to not have to time the sale of my condo to the closing of my new condo.
With the delay in my condo's completion, I'm starting to feel as though I don't want to wait that long and may instead want to purchase a small house close to High-Park or Y&E to remain fairly close to downtown yet have a small yeard, etc. Most of my liquid savings went into the 10% down payment on the condo although I could certainly put together a 5% downpayment for a second property... If I were to do this, my intention would be to keep the condo and rent it out or sell it once it's complete.
In the interim, how would the banks view my mortgage application? Would they be assessing my ability to carry both mortgages and if so, would they factor in potential rental income from the condo once it's complete? Or am I basically forced to wait 2 years or so until I can sell my condo?
Any thoughts / advice would be much appreciated...