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Buying a second home
Posted:
Thu Nov 28, 2019 3:21 pmby Pauline.fontana
When you have a buyer for your current home and looking to purchase a second home ...
What happens if you don’t have 10% to put down because all your monies are tied up in your first home
Re: Buying a second home
Posted:
Thu Nov 28, 2019 4:19 pmby Sage
You negotiate a smaller deposit e.g. 5% or you take a short term loan to cover what you need.
Re: Buying a second home
Posted:
Thu Nov 28, 2019 7:55 pmby Pauline.fontana
Thanks
Re: Buying a second home
Posted:
Thu Nov 28, 2019 9:35 pmby Bee
It's called a bridging loan. It's short-term finance used in cases like yours. Interest rates are usually fairly competitive.
Bee