I just bought a house!! Yay me!!!
I bought the house for 176k (listed @ 194k) I have my 35.2k for 20% down but the roof needs to be repaired. so here's the question.
I only need to borrow 140k from the bank, thing is I asked the bank for 145k (140k for Mortgage +5k for roof) to fix the roof, is that allowed or possible? or would the bank create a separate loan for the 5k?
or am I Sh*t out of luck and have to fix the roof out of pocket? I really don't want to dip into my RRSP since I've got the down payment covered with out it.
Any advice would be greatly appreciated!
I bought the house for 176k (listed @ 194k) I have my 35.2k for 20% down but the roof needs to be repaired. so here's the question.
I only need to borrow 140k from the bank, thing is I asked the bank for 145k (140k for Mortgage +5k for roof) to fix the roof, is that allowed or possible? or would the bank create a separate loan for the 5k?
or am I Sh*t out of luck and have to fix the roof out of pocket? I really don't want to dip into my RRSP since I've got the down payment covered with out it.
Any advice would be greatly appreciated!