Mortgage Broker Company - Borrowing To Come Up With Your Down Payment For Your Mortgage

OK just so you know, you aren’t allowed to borrow money to come up with your down payment. Except - if the loan will be secured by some other asset.

What do I mean - if you take out a home equity line on your present house you can use these funds for the down payment on you next home. Let’s say you own a car and it is completely paid off. You might be able to secure a loan against the car. or better yet do you have stock? You can borrow against your stock.

Just remember this will be calculated as part of your debt.

What doesn’t count? Borrowing on your credit cards, loans from friends or family. The loan must be secured against some asset you own.