Apparently you can borrow more money than the house is worth with the new TD Canada Trust mortgage which allows you to borrow up to a maximum of 125% of your home worth.

Not a chance with today`s mortgage rules and regulations. You will not be able to borrow more then 95% of your total home value and that if you have an excellent credit score with solid income. If you want to remodel your home and you require financing to do that you should look into getting a line of credit. But I would suggest not to remodel your home unless you are not financially capable to do it on your own.

It is difficult to get this type of lending from the banks unless you are purchasing the house for the first time. When you purchase a home and would like to make upgrades you can get a purchase plus improvements mortgage. In the case where you currently own the home the only way to get the funds for renovation is to borrow the money under a line of credit and when the renovations are complete you can then refinance based on the increased value from the reno. I can help you get started with that if you like. Give me a call at anytime, I deal with banks across Canada. 1-866-738-3708 x 115 Abraham...

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A friend of mine got a paid off property from his mother in australia which worth 1.5million. but he has two sisters which means that they share the property, 33% worth of that house each person if sell it. but h doesnt want to sell it instead he wants to offer 1million cash to buy off the house from his sisters, but he has to borrow about 600,000 dollars from bank use this property as a guaranty, and his $200,000 annual income. my friend has singapore and australian dual citizenship, so he wants to get the loan from singapore which according to him loan interest from singapore is lower. my questions are: 1.will the bank lend this amount of money to him? 2.can he get loan from overseas while using a property and an high income from another country?

You are asking the wrong people. Why not speak directly to your favourite bank in Singapore?

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We have a house worth about £100,000, we owe about £40,000. we would like to buy another house somwhere else, it is £165,000. i would like to borrow about £190,000. pay off the one we have just now, and let it out.and live in the other one. thus owing £190,000 on two properties worth about £255,000. whats the best way to go about this. there is about £20,0000 in the bank to help fund things.the bank is talking about 2 mortgages, and buy to let deals, and im not sure they are advising me for my benifit or theres. my way seems a lot more simple.

Hi, This Article is Posted on IndianMoney.com It is one of the Best Financial Portal In India Reverse Mortgage Posted By - Mr. C.S. Sudheer- On-20/06/08 My dear readers, today I am discussing on a very interesting and a new concept in the Indian economy i.e. Reverse Mortgage. As a financial consultant, I faced many situations where my clients were very eagerly planning to build a house at least before their retirement or immediately after their retirement so that they can enjoy retired life in their own house. But, as the real estate prices are in boom and house construction materials are becoming costly, it is very difficult to construct a house. Every one between the age group of 30 to 55 or 60 always dream of owing a house at least at their retired age, but it is very difficult as they will have to procure funds for their retirement also. In today’s scenario, no one wants to depend on their children at their retired age. Read More article Visit IndianMoney.com:http://indianmoney.com/moneyschool/money-gyan-articles.php?page_id=3&subcat=2&cat_id=1&sub_id=16&aid=11&ahead=Reverse%20Mortgage

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I am paying pmi on one of my houses because i wanted to take the downpayment money to do renovations. can i get any lisenced appraiser to find the new value of the house now that its done? can i just take that to the bank and request pmi be dropped ?( its a local bank i always deal with ) not an out of town lender. ( assuming that the appraisal shows that i owe less than 80% of the value?) i'm quite sure of that, we added another bathroom, another bedroom, and all new walls, carpet, and fixtures. it was a total gut job, i just dont want to drop a grand on a new appraisal if the bank can reject it. ( yes i called the bank and they wont give me a straight answer ) they keep saying call our appraiser and have him look at it, "funny how the banks appraisers always seems to think your property is worth exactly what you borrow" thanks in advance, i am in mi by the way.

First off, check your loan agreement. You were given a document that showed when it would be eligible to be dropped based on the loan's declining balance. It also explained your right to petition for removal of the PMI earlier than that date. Normally the loan must age for 2 or 3 years before the lender will consider an early removal and if that's the case it will say so. You'll need to get the formal appraisal first, and then ask to have PMI dropped using that as a basis for your request. There's simply no way around that. Just find out what the bank's requirements are for appraisers. Some have a list of approved local appraisers while others only require state certification.

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Ok, found this great property for a great deal. i can buy the property for 55k; it appraises at 92k. the only problem is this would be a second home (ie.. rental or flip property). the problem is that because of it being investment property, they are going to want about 15k down- which i can't do b/c they also have to see 3 months worth of money for both properties in the bank. any ideas how i can get around this? i can afford the property- i just can't do the down payment of 15k and show the other money that they need to see. i also don't have anyone that i can borrow the 15k from.

I can't solve your borrowing problems but I do have some concerns. I assume that there must be a long list of potential buyers for this property since it is selling for 40% below market value. Why so cheap? Who told you it was worth $92K? Who appraised it and who hired that appraiser/ How certain are you that that number is right? When something looks too good to be true it usually is. I would exercise caution

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My parents have a 125 acre farm with 2 homes, 2 barns, 2 buildings, cellar, 2 ponds, 2 springs that they are wanting to sell. they are wanting to move into town since they are getting older. they have found a house that is $110,000 and needs some updating. they are wanting to borrow $135,000 and do it in a single payment loan or small payment loan with one big payment at the end (like a balloon loan or something). my dad only gets social security and mother has no income. the farm is well worth over $235,000. one bank they went to said they could not loan them the money just based on the property that they had to have income enough coming in to pay back the loan. their intentions were to let the real estate company advertise the farm till somewhere between february to april and then auction it and immediately pay the loan off. so do u know if there is any lenders out there that will loan based soley on property? in the past they have borrowed large amounts of money to buy cattle and their income has not changed since then and they was able to borrow it then. have the laws changed recently? am located in kentucky? will banks do asset lending when you don't have a business? i noticed in my searches of asset lending it kept talking about businesses.

yes there are some "Asset based lenders" Google "Asset based lender" or "Asset based lending" you may want to include your state in the search I agree with Ruth, checkout Dixon. They are vendors at real estate investing group.

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Any experts, mortgage for closures, real estate, as i have heard several different answers, opposite answers from realtors. in michigan, i have tried to sell my home for 6 years. all payments and taxes have been paid on time. each month the home falls in value and its value now is about 50% of what it use to be. if it does sell, i would need to bring to closing more than $400,000, that would include realtor fees, because i owe much more than it is worth now. i do not have any of the $400,000 needed to bring to a closing. only what i could borrow without collateral. i have a little money in a 401k, and that is it. i am paying living expenses for the family, costs to run the home etc. and bills from a previous business from a failed michigan industry. i do not qualify for a bank short sale being told i cannot be approved for a short sale because of my income. the house is in need of much repair, so effects much including family health. when it sells, it will sell for land value. i do not have the money to fix it, so it cannot be leased out. i was also told by realtors not to put any money in the house even if possible, (which at this time is not possible) because of the falling prices and will only sell for land value in the end anyway. the taxes are approx. $20,000 a year and was told they will not be lowered, even though the home is worth land value, the city does not count it that way. if i find a home that is livable for my family, and start paying for that home, with a lease or what have you, - sellers in michigan will do pretty much anything to sell, because their homes have been for sale for so long now, or even if we live in an apartment. if i find a place for my family that is livable and pay for those living expenses and then if i stop paying the mortgage on the current home, and stop paying property tax, will my wages be garnished for the unpaid mortgage? will my wages be garnished for unpaid property taxes? what happens to the unpaid property taxes? if so, for either, is there a number of years that my wages will be garnished? or forever? are the penalties and interested added on? will there be any allowance for the new mortgage or apartment fees that i would be paying for my family to live in? i've tried to sell for several years, but now the value has dropped enough and the state of the home is not acceptable to live in and getting worse over the years along with family health. we need to move, but i don't know how to when i do not have the money to bring to a closing to sell and not accepted as a short sale canidate. i am open to hearing any solutions. in response to one of the answers. if i do not qualify for a short sale, then i don't think i would qualify for bankruptcy??? as suggested, if i walk away, looks like i will be sued for the $400,000 plus i assume the property taxes, plus by the time the mortgage company will be able to sell the home, which would be possibly a couple years or more,values will have dropped that much more and then penalties and interest on property tax and i assume penalities on mortgage, so lets say they end up suing me for $500,000. i think this would be garnished from my wages, correct? if that is the case, then it will be hard to pay for the new living expenses and housing. is there a limit of years that they could garnish my wages? can they take any of my 401k. bankrupt is much worse on a credit history than for closure i assume and since i have an income, i do not think i am allowed to go bankrupt, correct? is there a limit to how many years they can garnish my wages? a limit to how much per month that they can garnish? are interest added on for all the years it will take me to pay it back by garnishing my wages, or interest added on for the years it will take them to sell the property? if i do walk away, and my wages are garnished, is that money tax deductable because i am paying a mortgage back. if i have to pay the mortgage anyway on a for-closure, then is there any other solutions?

Property taxes of 20k a year? That seems high. If this is the same loan that you had when you brought the home it may be a nonrecourse loan. Home acquisition loans in CA are. That would mean you can walk away with no financial consequence to you. If it is a refi it is a recourse loan and technically you can be sued for the money but you cannot take blood from a turnip. The lender will send you a 1099C for debt cancellation. If it is a nonrecourse loan it wont matter. If you owe 400k on a refi and of that 300k is the orginal acquisition loan then you would have to pay income taxes on the 100k difference. Since you had use of the money it is claimed as income. This will, of course, be on your credit for several years but you do what you have to. Dont listen to realtors as they do not know tax law.

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Hello, i may be interested in a personal loan, but my situation is a little unique. please read below and if you have any ideas, please let me know. i am currently cash poor. i have about 6 months cash on hand, which is historically low for me. i have no specific need for money right now, but i would like to have some extra cash if needed - to take care of emergency, to buy inventory for a business, to not have to constantly worry about cash levels, etc. i am self-employed. for the past 8 years i have made at least $100,000 per year through a combination of salary, dividends/distributions from my companies or others i've invested in, and investments on the open stock market. my rent is about $2,000 per month, i do not own any property and i have no debts. i do not even have a credit card, everything is paid for with cash or debit card. i currently live outside of the u.s., but still maintain an address and bank accounts there. business in 2010 has been pretty bad. i've funded a business for about $10,000 a month and it has not been working. i am closing up and my obligations to this business will end at the end of the month. in addition, i had a son who was born 2 months premature. i was unable to obtain suitable expat insurance for these needs and i had to pay about $40,000 out of pocket for care (thankfully, he's in perfect health!). as you can see, my on-hand cash has dwindled this year. in better times, i invested in private companies, which is where most of my wealth is now. i own 75,000 of company a, which distributes at least $0.50/share ($37,500) even in a bad year. i can sell now for $2.50/share if i like, but this seems silly: i generate income each year and the overall value of the business also increases. i believe i will exit this company in 3 years for $6 or $7 a share, plus earning the distributions in the meantime. company b owes me a convertible note worth $200,000 as of june 1. i do not expect this to be paid within 2 years, but i earn 10% interest on it. company c is an china-based spinoff of company a, in which i invested $80,000. i am confident in this investment, but i don't expect to get anything out of it for the next year or two. what would be the best way for me to borrow $100,000 for 12-24 months? i do not want to pay over 10% interest and i would prefer to have a line of credit that allows me to take money as needed, rather than borrow all up front. i am willing to use my shares of company a as collateral against the loan, but i cannot find any bank (at least online) that says they accept private shares as collateral. any and all advice appreciated.

You may be able to get a collaterized loan by approaching one of the banks where these private companies bank. (They need not be US banks.) You may be able to establish a credit line by pledging the stock of one or more of the companies. You should be aware that there are restrictions on borrowing against private company stock. You won't find this at an 'on-line' bank. You will need to go into a bank branch and speak with a lender.

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My mortgage allows me to pay down 20% each year without penalty. i will soon come into some money from the sale of another property. the closing on that isn't until next year (feb). question is: should i borrow money to pay this calendar year's 20% rather than lose it altogether, and then pay it back in feb when i get the $$ from the other property? is it worth it to do this, if the bank will lend me the money?

I see the desirability of paying down this year's 20% to gain a few years of "investment" of those $ at whatever your mortgage interest rate is; but paying an extra 20% {of o/s loan or original loan?} each year means you have a very short lived mortgage which lessens (but does eliminate) the benefit of your idea. {The point here is you probably would not want to offset the gain with extra fees for a short-term loan, if any.} One hang-up might be if there is a problem with the sale and closing of the other property. Certainly crunch the numbers and ask the bank for a "bridge loan" if it looks like a good deal. Or, can you compromise and maybe pay a lesser %age than 20%?

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I personally own 4 properties. each of these are in my name. i have a private loan set up from a hard money lender on each of these properties. one of them is my main residence. the others are rented out. i use the money from the renters to pay the lender. he is a nice guy, and will let the loan ride out as long as i need to. i've been working with him for years. i've borrowed on each of these homes about half of their value. but through the years, the prices/equity has been cut down, so now there is probably only about 10k profit on each house. on top of these 4 houses, i have 3 homes that are currently in my name as well, but i am working on remodeling/reselling. my dilemma is complex. i have two other business partners. my dad, and my husband. we've never had problems working together, its just we've run into problems in the finance dept. currently, we have a business account for the three of us. we only have enough money for our business to run for one more month. currently, our bills run about 9k a month. we're waiting for a house to sell, its valued at 80 but we're trying to take anything that will keep us going...so maybe around 60/etc....i dont even know exactly what we'll take for it, or if it'll even sell b/c of the economy. we're trying to pull a loan on it instead to keep things going. but the problem with that, is that we have to use the money we're going to pull on a loan to remodel another property (we'll call property #2). we already pulled an 80k loan on property #2 for 80k but its coming in two draws. we spent the first draw on business expenses to keep the business running, and as soon as we spend 20k on the house #2 (its a big time fixer in the napa, ca vacation community) we can get the second draw of 40k, of which, we will have to spend maybe 30k on the house. all and all, this is the worst case scenario we've ever been in. we even have a small rinky dink house #3 tied into the loan of house #2 to protect the investors. house #3 is only worth about 20k....thats why we didnt mind backing it against the other one. on top of worrying if we're going to have enough money to survive financially, once we get the napa vacation house (#2) on the market, we dont even know if it will sell at a low/fair market price. we just want to get rid of the house and get rid of the loan and hope to keep business going with the bills. also where it gets weird, and concerning the bankruptcy talk....there is an attorney who i owe some money to. at first he was kind, we got along great, and he saw a lot of potential in myself, the business that i do. a few years ago i was needing money so he lent me 20k at 80% interest. i knew that where i placed the money would help me to continue working, and would be worth it in the long run. it was....its just, i havent paid him back yet, so he's already made about 20k off of the loan, and im continuing to pay him 1,200 per month of interest. he tacked on an old attorney bill from his other firm, but at one point he said he discounted it, but now he's charging me again. all and all, and please, without judgement of me or him, nothing has been written on paper, and i know there is that saying that a verbal contract is as good as the paper its written on. so all an all. he's screwing me in several ways. he practically 'but kindly' demands that i send several leads to him, to where he'll make 50-100 on residential properties that are sent his way by me. the positions for goes as follows: my dad has been in charge of the finances and working with the attorney. my husband has been doing the computer work and finding leads i have the bank account in my name, go to court, and use my name on everything. everything that we do between the three of us is open for all 3 of us to see on paper. there is no money laundering or anything strange between us. we are all best friends. i am just really really freaking stressed. mainly because i am so young, and worry about my future. if i were to file bankruptcy couldnt i put the houses in a trust or my sisters name and bankrupty off the attorney? i know its ridiculous but we dont even know how much we owe him. it could be 50k or it could be 100k. if the business fails, what precautions can i take before hand??? i may only have a month or two before it hits the fan....i was thinking of opening a second bank account at another bank, it case we go broke with the one, and get into check systems, at least i'd have another account, b/c once you go into it you cant open another account. im so scared. and not that i want to make this a focal point of my storyline, but my dad has a 400k life insurance policy. he said that if something 'happened to him' and he died, we would get it. im worried about our business, my 'name' in general, losing my family, my future....im stressed and need advice. on anything. im young and fragile righ

Seems like you seriously over leveraged yourself here. Unless you and/or your partners can come up with 40 - 50k (in the short term), you will have to declare bankruptcy. I think you need to consult with a financial planner that specializes in real estate issues. And see if s/he has a plan to get you out of this. But more than likely you will need a good bankruptcy lawyer. Dump all your other holdings & see if you can possibly save your own house. But that may not be possible. Especially since you seem to be using equity from one house to buy others. This is a dangerous way to buy real estate. Try not to employ this strategy again.

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I have 2 townhouses. both are 15yr loans. both are at 6.25%. one home is probably worth $80k, it was bought for $65k, borrowed $53k and i owe $38k on it with just over 10yrs left. the other home is probably worth $115k, it was bought for $98k borrowed $56k and i owe about $48k on it with 13yrs left. i want to see if it's possible to refinance the larger loan, and add $38k to the loan to pay off the smaller house. i want to have one mortgage, not take an equity loan and have a second mortgage. keep things simple and i'm pretty sure it will lower monthly fees. my credit scores are in the 750 to 800 range and, along with my savings and investments, i'm hoping that would be enough to qualify for a lower rate. i have enough money to pay for the cost of refinancing (i don't think it's a good idea to tack that on to the loan if i got the cash). school and property tax together is about 2.21% of the purchase price. so, what is my best option? it's really a small loan i know. it was a pain trying to find someone to call me back on $56k loan for my second house. right now they are both financed with the same bank. should i go to them? if it means they make less money would they even want to help me? most of all, is it even worth it? i'm pretty sure i won't be moving for at least the next 10 years. thanks for any help.

Sounds like a good idea. If you can get a 4 or 5 percent loan you'll save considerable money. Shop around and consider your current bank. The only catch is that the property might not be worth as much as you think.