Buying a condo - Page 6
Old 05-14-2010, 10:59 PM   #101 (permalink)
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what exactly are you worried might happen? the bank would change their mind about the mortgage? i can't see that happening.
Someone told me that before closing they recheck your credit to see if you've applied for anymore credit or loans or anything of that nature and if you have, the mortgage loan could fall through as it sends red flags. Now my understanding is that it's moreso if you add dept, in other words if i had no car payment when i got the mortgage and then just prior to closing i obtain a car loan and a 500$ car payment they can then say i have too much dept now and they won't give me the mortgage. Now all i did was replace my car with a lower payment so i don't think it applies to me, but hearing this made me nervous to say the least. A friend of mine had a mortgage aproved and 3 days prior to closing they declined it because it turns out her broker failed to inform the bank that her condo was a co-op. Turns out banks don't give out mortgages for co-op condo's. Shit like this scares me, because she then had 2weeks to move out of her current place and find something else. She ended up having to crash with a friend for a while.
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Old 05-14-2010, 11:03 PM   #102 (permalink)
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call the bank and ask them.
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Old 05-14-2010, 11:07 PM   #103 (permalink)
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call the bank and ask them.
Yeah, i'm out of town for work, but i plan on doing that on Monday. I just thought someone here might know something about this. Like i said, i don't think it applies to me since i reduced my car payment by 100$, so my monthly bills essentially went down. But i'd like to know for sure.
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Old 05-14-2010, 11:09 PM   #104 (permalink)
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Recommended builders. #1Tridel, #2Concord, #3 HR Homes, #4 Mattamy Homes, #5 Fernbrook Homes
I know Mattamy is looking into building condos as they are one of my customers, not sure about Fernbrook.
Mine is a Tridel building.
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Old 08-05-2013, 07:09 PM   #105 (permalink)
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I'm thinking about taking some of the equity out of my condo and using to renovate next year, but i'm not sure exactly how that works. Has anyone here ever used some of their equity for anything (ie: Reno's, purchase of second property)?
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Old 08-06-2013, 11:10 AM   #106 (permalink)
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We've done it, but I don't really handle the finances on that end (my wife). We just contacted our financial planner and went from there.
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