Question: I am a single mother 48 yrs of 2 children, 20 and 11. My home will be auctioned in two weeks and my portion of the proceeds will be used to purchase a home for us. I will need to borrow approx $100,000 to $150,000 to secure a suitable home. I am a home based, self employed social media manager/blogger with 12 month contracts in place. I will come into an inheritance of $125,000 within the next 18 months to 2 years which I will can use to pay out any loan. I do not want to take out a mortgage again because of establishment, early exit penalities,documentational requirements etc. What should I do? Personal loan, Business loan? Should I keep the debt and buy a second investment property with the equity in the residence? Please help.

Answer: You first should find out the timing of the inheritance - is it definitely going to be paid within two years or is it possible it may take longer?  Is it possible to borrow money from the estate?  Once you have established these facts I suggest you talk to a mortgage broker about the best sort of loan available.  As you have worked out, the interest rate is less important than the amount of fees, if the term is fairly short.