About home mortgage

[Julie J. Ransdell]

I'm currently looking at homes and want to borrow 20,000 from 301k as down payment and this is my first home. I'm looking to spend 165,000 max for a menage. I currently pick up an auto loan that I owe 28,000 on and my question is, do they have loans that can take that auto loan and put it on top of a home mortgage. I have been trying to contact mortgage companies, 5 year mortgage rate of Canada has good dealings. Before choosing any, I need to clear out everything. The reason I ask is because my current car payment is 315.00 a month and I would like to eliminate that payment. I'm trusting to bring out a bigger mortgage out to where I could pay off the car loan and only worry about home mortgage.

[MortgageQueen]

I'm not sure what you're saying? A 301k sounds American.
If you are putting only $20k down on a house you cannot add your car loan of $28k as that would be over 100% of the value of the home.

[robartluis]

Hi Julie

I also agree with mortgage queen comment. If you are putting only $20k down on a house you cannot add your car loan of $28k. But don't worry. Please contact with mortgage professionals, they will help you. Below are some mortgage professionals.

1:Canadalend
2:northwooodmortgage

[dougboswell]

The OP clearly states that they are looking for their first home. OP cannot roll the auto loan into the mortgage. OP also has to consider that with less than 20% down they will be also paying CHMC fees. Even though the fee is added to the mortgage this will also increase their monthly payment.

[dougboswell]

A 301K is a specialized payday mortgage loan that exists in the US

[MortgageQueen]

Mat, I'm not sure if you speed read these posts, but . . .

[bobbyreyes]

I also think that you should research the market. Take advice from a mortgage professional or financial advisor in this. This will definitely solve your problems.