We live in Ontario, Canada My husband (we're common law) wants to purchase his mom's house for 90,000$. It's worth more than that, probably around 200,000.
But we don't have money for a down payment, so his dad will lend us 20,000. His plan is for us to get a mortgage loan for 150,000. Pay his mom the 90,000 for the house and pay back his dad the 20,000, then use the remaining 40,000 to fix a few things in the house and then the remainder (??) would be put back towards paying off the mortgage loan faster.
Now I know nothing about buying a house, loans..etc so we will be speaking with our bank about getting a loan (his dad will most likely have to co-sign for us)
But I've been googling and looking at a mortgage calculator on our banks website and it's all really confusing so I'm hoping someone can walk me through it like I'm 5 and tell me if this is a doable plan or not.
Submitted July 07, 2017 at 01:05PM by throwaway47653m8 http://ift.tt/2sxZtIR
