Canadian mortgage and the type of question?

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My son is 19 and built a new house three-quarters of the way finished. They have money and need a small loan of 25,000 and the house is already on sale (the sale of the building) to 139,000. Their two names on the deed. One of them is over 2 years of continuous employment, but the second is not significant and is trying to build a self-employed, this house all the time, and before that was a futile undertaking independent that he sold the company Real Estate as a starter .. .. anyway, it is not available for taxes. Not one of them has no debt or loans. I went to the bank today (I just like their mother and I have no credit at all) and the lady took all the info you said, it will automatically be rolled, but then it would be to send their recommendation to watch it. He said it would take a few days. sooo what are their options? is a mortgage officer at the bank where ever, with “recommendations? or was it just her being polite?

3 Comments
  1. Reply
    MarcapPub
    January 22, 2011 at 8:46 pm

    Based on the information you have provided, neither you nor your sons will be able to borrow the money you need from a traditional bank or lending institution. I would perhaps seek out the possibility of private funding.

    A qualified and reputable mortgage broker would be able to assist you in that matter. Make sure however that if they request you to pay any kind of an application fee upfront, avoid such a broker, as it is nothing more than a scam. And above all, ignore anyone online that offers you a loan. Do not give them any personal information, or pay them a fee. You would simply be scammed. Guaranteed!

  2. Reply
    My Take on It
    January 22, 2011 at 9:42 pm

    Their chances of getting 25k to finish their project are zero.

  3. Reply
    laura_k111@sbcglobal.net
    January 22, 2011 at 10:08 pm

    I think so.

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