Sentences with phrase «second mortgage scenario»
For example, while the mortgage payment is more likely to be tax - deductible under the first and second mortgage scenario, you must pay on a second mortgage until it is paid off or is refinanced, while the mortgage insurance may be cancellable in the future.
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In the second scenario, you pay the lender in cash whatever shortfall exists between the sales price and the mortgage.
The second scenario shows the effect of putting the additional contributions towards your mortgage, then once the mortgage is paid off, putting those additional contributions into your RRSP.
If you are able to comfortably meet your current obligations, ask your Realtor and Mortgage Banker to put together some scenarios for you so you can evaluate how much money you will need for the transaction (both to purchase your second home and to qualify for the loan) and whether you will retain enough liquidity after closing to support both properties.
With the scenario mentioned above, is it possible to receive a mortgage, outside of selling my current residence or getting a co-signer to purchase the second property.
The second scenario allows the lender to cover the financial loss incurred by their mortgage investment in the event that interest rates decrease.
In light of the second scenario — where the mortgage is recorded after the lease — subordination clauses are critical to protect the lender's rights and interests.
In this scenario, you «d pay about $ 805 each month to the bank for principal and interest on your first mortgage loan and a second «interest - only «payment of $ 100 to the seller who carried back the second mortgage.
My plan is to go to a bank when I have a tenant and seek a 1st mortgage and then use that money to buy my second property and so on so forth, Is this a correct scenario or am I being too simplistic?