can you borrow enough to pay off first mortgage

Richardsmindak · Joined: 06 Oct 2009 Posts: 2 1.41 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 1.41 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.

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