Brother wishes to buy a car...
Hey, my brother has a home loan. He wishes to buy a car. Unfortunately, he is running on a tight budget now as he is unemployed and looking for a new job.
It has been a while since he was looking for a car, now found one which is up to his expectations both in the sense, cost and specifications! He doesn't want to miss this opportunity, but struggling to find the fund for the downpayment(he have savings, but still can't put everything into this as he is not earning now)!
I guess he can apply for a second mortgage http://www.northwoodmortgage.com/mortgage-solutions/first-and-second-mortgage-solutions ! Am I right guys? He has excellent credit scores and no other debts than the current mortgage. I've done a bit of online reading on the same, yet I wanted to confirm it.
What do you folks saying?