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The Mortgage Mail Bag – Downpayment, Equity, Credit Scores & More

February 19, 2013

MonsterMortgage.ca Mortgage Expert Dave Currie answers questions taken from our Mortgage Mail bag.

Questions:

1) My in-laws are willing to sell my wife and I their $340,000 home to us for $290,000. Can we use the $50,000 difference as the downpayment on the home?

2) How much can I borrow against the value of my home that is mortgage free?

3) Are there any lenders in the Canadian mortgage market who would be willing to finance someone who is on disability due to a motor vehicle accident?

4) My bank has denied me even though I have a steady, well-paying job and I have some equity in my home. The issue being that my beacon score was too low – will I be able to obtain mortgage financing in Canada?

If you have your own mortgage questions that you’d like to have answered, don’t hesitate to email us at info@monstermortgage.ca or to place your mortgage question in a contact request where a mortgage expert will get back to you.

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