Iroquois Ridge North (Oakville, ON)
By David Pylyp
(RE/MAX Realty Specialists Inc.,)
When your sale closes after your purchaseto get the best price for your home often you have to compromise and choose dates that may not matchthis means you need to leverage the equity in your home, for the required time between the purchase and sale to fund your down payment into your new home Example of Bridge Financing Sold $ 270,000 Purchase $ 450,000less deposit w/offer $ 15,000Real estate commission New Mortgage $ 335,00013% HST Real estate commissionMortgage balance legal fees on sale and purchase Equity $ 100,000 Funds to close $ 100,000 SALE closes May 31 PURCHASE closes April 28 BRIDGE FINANCE of $100,000 for 33 days for $750 estimated fee How can a secured credit line save me money? in our previous example some lenders will allow you to register up to 80% of the purchase price...
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Oakville, ON Real Estate Professionals