Cheapest way to borrow money for selling home at a loss
I am looking to sell my condo. There will be around $50k shortfall in current market to cover the mortgage, so I was wondering what vehicle would people recommend to finance that 50k?
My financial situation:
- $150k annual income, stable career
- 832 credit score
- $420k mortgage with First National
- no other debt
- $60k total credit limit across 3 credit cards (none of them ever carry a balance)
- $10k unsecured LOC from Scotiabank (they gave it to me without asking when I had a mortgage with them; never used)
- $100k in RRSP
My first thought was to get a loan/LOC secured against my RRSP, but apparently that's not allowed.
My second thought is to submit a bunch of applications for unsecured LOC and hopefully enough of them get approved to bring the total to 50k.
What other suggestions would people have?