Asked by Tan
I currently have 2 condos, one purchased in 2009 and one purchased recently. The 2009 one is due for repricing, I am wondering if I can do an equity cash out as the property value has gone up quite a bit, however, my banker informed me that the loan to value ratio will be 60% instead of 80% as she mentioned that this is now considered my second mortgage. My question is why is this my second mortgage when this property is my first mortgage and I have already paid the required 40% down payment for my second condo. If I am subject to 40% for my first condo during the repricing, isn't that double counting? Anyone can share any insights on this matter?
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