Mortgage Application on Nearly Completed Preconstruction Condo
I originally purchased this 1 bedroom condo for $320K, upon closing including taxes the closing amount should be $330K. Assuming that the assessed value of the property upon completion is $580K by the bank and my income is sufficient to qualify for a larger mortgage, is any of these scenarios a possible option when taking out a mortgage?
- 0% downpayment and take out $330K mortgage
- Put 20% down on the assessed value ($116K), and take out $464K mortgage
- Put 10% down on the assessed value ($58K), and take out $522K CMHC-insured mortgage
Last edited by rMBA13 on Jul 14th, 2018 11:48 am, edited 1 time in total.