Search found 3 matches
- Tue May 28, 2019 6:56 pm
- Forum: Home Loan Forum
- Topic: Existing mortgage on the guarantor's property
- Replies: 5
- Views: 10977
Re: Existing mortgage on the guarantor's property
Awesome! My Mum is on the title and she’s on the fence about being a guarantor. What can I do to make her feel at ease? Insurance?
- Tue May 28, 2019 5:09 pm
- Forum: Home Loan Forum
- Topic: Existing mortgage on the guarantor's property
- Replies: 5
- Views: 10977
Re: Existing mortgage on the guarantor's property
I just checked my dad’s home loan statements, the current mortgage balance is $208,545, and similar properties in the area are being sold at around $690,000 to $740,000. I’m looking at borrowing the full amount for a nice suburban townhouse that’s on the market for $668,000. The limited guarantee came at $167,000 which is fine. I’m trying to figure out apart from not needing a deposit what other benefits are there to using a guarantor?
- Tue May 28, 2019 1:01 pm
- Forum: Home Loan Forum
- Topic: Existing mortgage on the guarantor's property
- Replies: 5
- Views: 10977
Existing mortgage on the guarantor's property
Hi, my dad’s willing to be the guarantor for my first ever home loan. The problem is, he already has a mortgage on the property. I’m trying to find out how much equity do I need in my dad’s property, what the size of the guarantee is? Simply put, I’m trying to figure out how a guarantor home loan works with an existing mortgage?