My broker just informed me that I could be approved for a $200,000 mortgage. I don't have any cash at this time. I am still $7000 in debt.
Let's say I buy a condo for $150,000, that would be a down payment of $7,500. May I used my line of credit availability of $8000 and use it as a down payment? Will the lender know that I used my line of credit, or he does not care? In the enventuality that he accepts, may I pay off my line of credit by increasing my mortgage? Thanks in advance for your help.
Let's say I buy a condo for $150,000, that would be a down payment of $7,500. May I used my line of credit availability of $8000 and use it as a down payment? Will the lender know that I used my line of credit, or he does not care? In the enventuality that he accepts, may I pay off my line of credit by increasing my mortgage? Thanks in advance for your help.