Job transfer, need to buy new home but already have mortgage

Guest

Job transfer, need to buy new home but already have mortgage... I was curious what the process is if we just found out we are moving because of a job transfer to a city about 2 hours away but need to buy a home in that city while selling our current home. How do you get a 2nd mortgage? We have a fair credit rating due to so many credit cards but it was good before the credit cards. Do we just need to go through our current mortgage leander or do most people have to sell first? HELP! We cannot be homeless!!!

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Guest. Welcome to the forum.

How good your credit is and how much do you earn. I think you should first sell your property to reduce the DTI ratio and for the time being rent out a house.

If you don't sell your current property can you afford the two mortgage payments together?

Best of luck,
Larry

gmakerley · Posted: Wed Aug 13, 2008 7:46 am Post subject:

obtaining a new mortgage will, in large part, be impacted by what will happen with your current home. if you can sell your home concurrently with the purchase of a new home, you'll not have much trouble in qualifying (assuming all else is favorable).

if you're unable to sell the home, but can find a tenant who'll rent from you; that might be the solution you need. of course, you don't want to let that property sit vacant when you move, unless your sale will take place shortly after the move.

the largest problem you're likely to face is actually affordability; if your current home isn't sold prior to the new purchase, you'll have to qualify for the new loan with both mortgages being considered in your monthly obligations. that could be problematic, of course.

Guest

can i take out a second loan on a house im selling to buy a new home out of state

gmakerley · Posted: Mon Jun 15, 2009 8:18 am Post subject:

conceptually you can do this, spoiled. but if you're selling the home, you'll have to pay that loan off. lenders are often leery about granting loans on properties that are about to be sold, also.

Guest

i wanted to bye this home, but the people kept moving the goal post so we brought anorther home,had it for 2 yrs now the home i wanted is up for sale again for 100,ooo. cheaper than the one we have just brought i want to know if the banks will change our morgage to the new property

gmakerley · Posted: Sun Jan 03, 2010 9:43 pm Post subject:

no, jojo, it doesn't work that way. a mortgage is valid for only the property on which it was granted. you cannot switch a mortgage from one property to another. each is a different transaction. you can sell the current home and buy the other one.

Guest

hi again we have only had our house for three yrs almost so what im asking is can we sell our house with such a short time after byeing it we still oue so much on it

gmakerley · Posted: Tue Jan 05, 2010 9:41 am Post subject:

yes, you certainly may sell your home, jojo. if your value is sufficiently high, you'll make a profit when you do so. that, of course, is the desired result.

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