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 tgrube
Joined: 28 Jan 2008
Posts: 1
1.36 Dollars($)
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 Posted: Mon Jan 28, 2008 8:53 am Post subject: Second mortgage in Texas |
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| I am planning a relocation from Ohio to Texas. I currently have a mortgage in Oh until my house sells, and am planning to get another mortgage in TX in the March-April timeframe. I don't expect my OH house to sell that quickly. From a legal perspective, will I have a problem getting the second mortgage for the TX home? (I have a pre-approval through my current lender.) |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Mon Jan 28, 2008 2:53 pm Post subject: |
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Hi Tgrube,
Welcome to the forum.
Now as you have already a mortgage is your debt to income ratio will be high. But the mortgage approval does not only depends on DTI ratio. So can I ask -
Do you have any other debts except the present mortgage?
What is your income per month?
Your credit score?
Appraised value of the present house that you are buying?
How much do you owe to your present lender?
What kind of program are you looking for?
These things are very essential to know.
Waiting for your reply 
Thanks. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1487
Location: MASSACHUSETTS
128.14 Dollars($)
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| Posted: Tue Jan 29, 2008 12:14 am Post subject: RE: relocate and get a mortgage on new home |
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Hi Tgrube,
Since you already have a pre-approval with the lender, I think you are a step ahead. So, if you have the adequate funds for paying the closing costs and related fees, then your loan process can carry on. In the meantime, you try to get the right disclosures from the lender and get prepared to purchase mortgage insurance if any or get a proper appraisal done. From a legal perspective, I don't think there will be any problem in getting a mortgage in Texas.
Have you thought of any loan program by the way? You can discuss it with us and we'll try to help you decide upon the right one.
Hope this helps...
May god bless you.
Samantha
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Know how to compare lenders with mortgage booklet |
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greg1
Joined: 29 Jan 2008
Posts: 36
Location: Chillicothe, OH
15.25 Dollars($)
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| Posted: Tue Jan 29, 2008 9:08 pm Post subject: |
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Texas has high cost loan restictions on 2nd mortgages that may prevent you from obtaining one. So, from a legal standpoint, some lenders restrict lending in that state on a 2nd mortgage basis.
I suggest you make some phone calls to some expirienced lenders in that state.
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Greg Phillips
Mortgage Professional
Web: Home Blog Computers |
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 369
Location: Dallas
55.47 Dollars($)
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| Posted: Wed Jan 30, 2008 7:00 am Post subject: |
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Hey Greg.....I think the OP is talking about having 2 mortgages...not a second mortgage in TX........the exisiting mortgage in OH and purchasing a new home in TX ie two mortgages.......To the OP if you have current lender pre-approval....just make sure that the pre-approval does not require the sale of the home in OH....
A cpl of things to be aware of in TX.....property taxes here are much higher than they are in OH.....about 2.75% of the assesed value of the home.....so when you are looking at homes keep that in mind......
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Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-0220
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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