Quote:
Originally Posted by AngM018
side note (since I am in real-estate, but not a mortgage broker)
Can you cover the higher monthly mortgage payment?
Will you be able to be approved for the higher payment (debt to income ratio's)
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No issues with the finances on both questions.
The idea here is to use the $100k anyway.
Put it into an interest earning account.
Pay the $1600 monthly into it then pay the $2200 from it. So you are depleting the 100k by 600 per month. Monthly out of pocket stays the same.
You earn interest on the declining balance.