nohinsara

Ugghh I'm feeling low today...
We haven't heard anything from either of our two leads. It's hard not to get discouraged and feel like this is just not going to happen any time soon, or without me heading over there first.

Edited to add:
I have a bit of a crazy idea. What if I took some money from an equity loan we took out over here and went over with my son first? With the money I take I could secure a flat, maybe a part time job and some childcare for my son... it's a stretch, but I wonder if it would work?
I'm feeling desperate.

YankeemovingAbroad

Nohinsaa


Not a bad idea.You should get the ball rolling first by applying for the loan.As a equity line of credit,you'll be able to debit the account as needed which will allow you to use those same funds to repay the debt until you secure employment.Check to see how much you can get approved for.You are home free or should I say home bound,if you have 20-30% equity in your home due to appreciation .How long have you owned your property?

nohinsara

But would I be able to do all that from the UK? When I was living in the UK before I found the banks to be a lot more limited and difficult for things like that. I couldn't even make payments on my Canadian Credit cards and Student loan from the UK.

We've lived in our condo for only 16 months. Is that going to affect an application for an equity line of credit you think?

nohinsara

Just thought I would let you know what I found out.
I called my mortgage broker and asked about Equity Take out Loans, and of course, they were more than happy to oblige. Our mortgage company has all kinds of options to help us get into more debt with them .
The one that matches the description you have given me of the equity loan is called a "Home Account Plus". It acts like a line of credit where you only take out what you need at the time of need. It's entirely separate from the mortgage though, so it would be another payment aside from the mortgage. At least you only pay the interest on what you take out.
There is also something called a "Home Equity Take Out" which is also separate from the mortgage we have now, it's kind of like a new little mini-mortgage.

So there are options, but I'm wary because I don't think my husband will go for it. I don't know if he's going to be thrilled with the idea of more payments on top of the payments we have now. No harm in running it by him though...

YankeemovingAbroad

Nohinsara


Both of those sound like good options.Just doing a normal refinance might be the best way to go if you and your other half prefer not to hold two mortgages.Why not see what kind of interest rate they will offer you for a refinance?It all comes down to how high your credit score is, and how much loan amount, to appraised home value in your case.If you have a high credit score you more than likely will qualify for a loan equal to 90% of the value of your condo.So if you currently owe $160,000, and home is worth $200,000,that will open up about $20,000 to work with including refinancing fees.Make it clear to them that they can not put points on the back of the loan.Key phrase is...... no points!! Let them know you are considering various lending institutions, and want a lower rate than you currently hold.If they think you will go for a higher rate they will put you in a higher rate.There are less fees in Equity Line of Credit loans,which is another reason why I like that option.Truth be told,if your credit is better now than 16 months ago,you might be able to refinance at a lower rate than you currently hold,take out money and the payment could be only slightly higher.For every $1000.00 borrowed,the payment goes up about twenty dollars per month.Its all about the rate , loan amount, and how many years the loan is for.Another option is to increase the years on the loan thereby stretching out, and lowering the monthly payments.Make sure you have decided what is best for your long term plans before picking a option.I have done refinances for clients who had 8% rates,but after their refinancing and putting them in lower rates,they were able to take out cash while the payment stayed about the same. Also have taken clients with very high rates 11-12%,15 years remaining on the loan,lowered their rate by more than half,lowered the payment while reducing their years by one-third.Professionally speaking,that has allways been a good feeling for me to know they will own their house out right in far less time than they had planned.If you made home improvements,no matter how small,make the lending institution aware of them.It will increase the value of your home.If you have any questions let me know,and remember to keep your chin up and make your dream happen

nohinsara

YankeemovingAbroad - Thank you for all of your information! We got the form to fill out for the home equity loan that acts kind of like a line of credit. Although, now that hubby and I see our financial position in front of us on paper, it sure doesn't look good. I honestly don't think we'll get it.
We have student loan and a small amount of credit card debt. I am on maternity leave and have no job to go back to at the end of it (long story). Hubby doesn't make heaps of money. Even though the value of our condo jumped quite a bit over the last year, I can't see them giving us this loan.
We're going to try anyway, but I'm afraid it doesn't look good.

Back to square one.

YankeemovingAbroad

Nohohisara

Keep your fingers crossed about the loan.Anything is possible! What ever you decide don't allow them to put you in a subprime mortgage.These are loans with very high rates directed at customers who are deem to be a greater risk because they fall just short of certain qualifying guidelines.Its just another way for lending institutions to make more money.You would come out better just selling your place outright if the payment is higher than affordable.Get an appraisal so you'll have an idea of how much you stand to walk away with if you are sure about the move to the UK.If the erge to move is too strong to ignore credit cards with high limits might be an option to use as a means to put together cash to prep your home for sale.Only deal with people who will come in for free and give an appraisal on the needed work.Before doing that interview a "few" realestate agents so they can offer advice on where best to spend money updating your home.Don't want to spend money you don't have and certainly not on doing things to the place which aren't needed.

Good luck and let me know if you need anything

babsi

Let's just say my situation gets more complicated, I have a feeling I could be pregnant, too early to test though, just wait and see.

nohinsara

Oh Babsi.... That's so exciting! I should go back and read your other posts... do you have kids already, or would this be your first? How many more days until you can test? I'm going to be on the edge of my seat.

babsi

nohinsara, sorry for hijacking your thread.

Kai is 15 months. If I am pregnant then the timing isn't too good, we are going to Chile/Argentina at the end of the month and I remember when I was pregnant with Kai at that point I felt terrible.

About a week before I test but I just remember feeling exactly the same before with Kai.

Also the plan was to move back to England and then try when we are settled. But what happens, happens.

fishfinger

Well I know what it's like to deal with a surprise pregancy, I have a toddler here who was one of those! Things have a funny way of working themselves out.

Keep us posted and congratulations if you are!

nohinsara

The hijack is quite welcome
Try not to worry about the timing! Like Fishfinger said, it will work itself out. You said that Kai is 15 months old now, so your second child would be born just after Kai turned 2 years old. Some would say that's perfect timing.
I've heard that pregnancies can be quite different, maybe this one will go easier on you
What cycle date are you on? If you get an early detection test you can test as early as 10 DPO...

dingbat

Me too. The surprises are often the easiest and most beautiful pregnancies. I have an 18 mth old ( my 5th sprog!) who was conceived accidentally against all possible medical odds. He is a blessing, as are all my kids and despite my rotten circumstances here in Canada, I am still the luckiest woman in the world. It will all be OK. Just relax and go with the flow Babsi.

babsi

Kai was a surprise as well! Thanks everyone for what you have said. I am just going to carry on as normal and just take it as it comes and test if I am late.

But already I am thinking too far ahead, like the birth etc etc...when it is your 1st you really don't know what to expect, but having been through it once some things seem a little scary.

Just hoping we can move this year, the thought of being on my own with 2 with no family either side is a little daunting. I am just hoping things have a way of working themselves out.

nohinsara

Bit of an update - We applied for the line of credit and got it! Just waiting on the paper work and notary then all should be good to go. I'm not really sure what my plan of action should be from here, but I think I have a rough idea.

Now that things are getting a little more real, my OH is acting up again, it's not making this an easy process at all! I feel like every time I get somewhere he has to ruin my excitement by sulking like a child. I understand this is stressful for him, but common! :curse:

Maybe he agreed to go because he thought it would just never happen.