Options - or do i even have any ?

[Seesus]

I have a condo coming due for occupancy in June.2013 (potentially). Due to some family reasons - i am now looking for bigger place and can purchase that with the amount of DP required by next year.

Here is my worry - Once i have cleared this purchase next year, I will not have enough room to clear for a second mortgage for the condo coming up in 2013 - What are my options, I do not have assignment clause and will have to wait till the condo is ready and can be re-sold.

I can rent the condo out very easily however i am not sure if i will be able to get a second mortgage once that condo is due ? what in UT users opinion is the way to go - should i just wait until selling the condo - and if not, what are my options.

 

[wang888]

Second mortgages are really hard to obtain... btw which condo is it?

 

[OolloO]

Get a mortgage broker. See what you can or cannot afford.

I'm actually curious if anyone knows of a good one for myself. I had one, but he became a Realtor recently.

Note: Some condos do not let you rent your unit out until it becomes a corporation. eg. All tenants have moved in and you have to pay "fees" until then. The closer you are to the top floor, the less "phantom" rent you pay