Options to pay deposit on a pre construction new home
Hi all,
Over the past few years it seems like the deposit required to purchase a pre construction home have gone up.
Was wondering what peoples thoughts were on how to get the cash required for the deposit?
Our situation is like this...Currently own a home. Probably worth around 600-650k with a mortgage of 150k remaining. Got real lucky on the timing of the purchase...right before prices started to increase rapidly..
Now were trying to get out of the GTA and move into a bigger home. Purchase price is around 780k with a 60k deposit over 8 months. Should be able to handle the increased mortgage payment once we close on the new home but getting that 60k cash to deposit over 8 months is tricky...
What are the best options?
Personal loan?
Line of credit?
Home equity line of credit?
Posted May 30, 2019, 3:35 AM UTC
I would say the one with the least interest rate would make the most sense and not locked in. Home equity line of credit may be the cheapest option.