I've been living in a condo almost a year;
(For that condo 23% of the mortgage has been paid off. The mortgage I've got from my bank was 5 year fixed 2.99% mortgage taken last year.
So I still need to pay X-23% = 77% for the condo.)
Now, I would like to buy a NEW townhouse to move in around July or August though I don't have any cash in hand.
What I would like to do is -
I want to pay 5% of townhouse price for downpayment + $5,000 downpayment to developer.
MeanWhile I want to try to sell my current condo. (I am not sure how long will it take to sell my current condo but I sure want to move to townhouse to get closer to my kid's school.)
So, I need approximately $25,000 for deposit+downpayment for townhouse.
I am not an investor or buying condo for a profit. I just want to move up to get more space for my kid.
I do believe that I have good credit rating.
I do need the special advice from you all guys and I do appreciate any advice that could solve my problem. Please .. please give me some advice.
Personal Line of Credit? (If so, how can I check the lower interest rate.)
Home equity line of credit? (Not sure cos' my equity is just 23% of condo)
Bridge Financing?
Or
Something else?
Thanks,
(For that condo 23% of the mortgage has been paid off. The mortgage I've got from my bank was 5 year fixed 2.99% mortgage taken last year.
So I still need to pay X-23% = 77% for the condo.)
Now, I would like to buy a NEW townhouse to move in around July or August though I don't have any cash in hand.
What I would like to do is -
I want to pay 5% of townhouse price for downpayment + $5,000 downpayment to developer.
MeanWhile I want to try to sell my current condo. (I am not sure how long will it take to sell my current condo but I sure want to move to townhouse to get closer to my kid's school.)
So, I need approximately $25,000 for deposit+downpayment for townhouse.
I am not an investor or buying condo for a profit. I just want to move up to get more space for my kid.
I do believe that I have good credit rating.
I do need the special advice from you all guys and I do appreciate any advice that could solve my problem. Please .. please give me some advice.
Personal Line of Credit? (If so, how can I check the lower interest rate.)
Home equity line of credit? (Not sure cos' my equity is just 23% of condo)
Bridge Financing?
Or
Something else?
Thanks,