Asked by Mr Rockefeller
Dear Gurus,
I own a condo currently together with my wife where the outstanding loan amount is $500K. Current valuation for our condo is about $1.1 million. We want to buy another condo which is valued at $2.1 million but not sell our original condo. As long as I know, we can only get a 60% bank loan for the second condo.
However, our property agent told us that we can re-finance our current condo and buy the second condo with only 20% downpayment? Is this true? Can I get 80% loan for a second condo by re-financing my current loan for the first condo? He said everything is legal and I don't need to sell my first condo.Thank you for your help!
I own a condo currently together with my wife where the outstanding loan amount is $500K. Current valuation for our condo is about $1.1 million. We want to buy another condo which is valued at $2.1 million but not sell our original condo. As long as I know, we can only get a 60% bank loan for the second condo.
However, our property agent told us that we can re-finance our current condo and buy the second condo with only 20% downpayment? Is this true? Can I get 80% loan for a second condo by re-financing my current loan for the first condo? He said everything is legal and I don't need to sell my first condo.Thank you for your help!
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