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Richardsmindak · Joined: 06 Oct 2009 Posts: 2 1.47 Dollars($)

I owe 50K on a home Valued at $350K, want to buy a condo and pay off original mortgage, looking for $150K to do this - can I do this? Credit score 780

jveenstra · Posted: Tue Oct 06, 2009 9:29 am Post subject: Borrow

I am missing the gist of the question.

You can refinance the existing property for a new mortgage of $150,000 and pay $100,000 cash for the condo.

You can purchase the condo with a mortgage and sell the existing home and then pay off the mortgage on the condo.

If you are asking if you can get $150,000 that is not a mortgage loan, I have no idea.

Perhaps a better explanation from you as to what you are looking to do will get you a better answer.

Richardsmindak · Joined: 06 Oct 2009 Posts: 2 1.47 Dollars($)

I am looking to stay in the home, the goal is to refinance and get a 150K mortage pay off the 50 owed, purchase the 100K condo and then make payments on the now 150 balance. Also can I get the 150 on a 30 year loan.

jveenstra · Posted: Tue Oct 06, 2009 10:03 am Post subject: Refinance

If you refinance to a $150,000 mortgage on property valued at $350,000, that is a Loan to Value of 42%

You should be able to refinance up to 80% of value, so, 42% of value should be easy to do as long as you presently live in that home and have income that qualifies you for a loan of $150,000. Your best interest rates will be available as long as your credit score is 660 or higher at that loan to value.

Guest

I want to pay off $39,000 mortgage the problem is I out the home in my son's name because of financial reasons. and I have over $42,000 in equity in this home and can not touch it--what in the hell can I do?

jerry · Posted: Mon Sep 06, 2010 3:05 am Post subject:

Hi pudkat,

Unless the property is transferred back in your name, you won't be able to claim the equity in the property. Your son can transfer the property to you through a quit claim deed and then you can refinance the mortgage to get a cash out.

Thanks,

Jerry

jveenstra · Posted: Tue Sep 07, 2010 7:45 am Post subject: Condo Purchase

Richardsmindak,

Of course you can refinance for $150,000, pay off existing $50,000 mortgage and use $100,000 to buy a condo.

Is the condo a second home?

If you plan to rent the existing home, technically your new mortgage is supposed to be an investor property mortgage at a higher rate than an owner occupied mportgage.

When you do an owner occcupied mortgage, you are signing documents which state you presently live there and will do so for 12 months or longer.

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