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Hi,

My wife and I currently own condo. We would like to buy a house but are not sure if we should try to rent the condo or sell it.

If we sell it, we will lose money because of the wonderful housing market in New Jersey.

I guess I have a couple questions:

1) If we decide to rent the condo, do we need to have a tenant before we can get approved for a mortgage on a new house?

2) Do we try to take advantage of the current interest rates to refinance the condo before renting or look to get the better rate on a house first?

Thanks.

adonis · Posted: Tue Aug 03, 2010 11:00 pm Post subject:

Welcome Guest,

As you already have a mortgage on your condo, it will depend upon your credit scores and income whether or not you would qualify for another loan. It will be your discretion whether or not you want to rent the condo and get a tenant before you apply for the new loan.

You should try and get a mortgage in order to buy the new property. Then you can apply for a refinance in regards to the condo.

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