Posted on: 07th Nov, 2012 10:40 pm
Hi…We want to sell off our existing home and want to get a loan for a new loan. In case of our existing loan, we were duped into a 0% down loan with a high interest rate. We've never had a late payment on our home, and we're planning on buying a new home around the same price as our existing home. My credit is in the mid 700's and my husband's credit is in the high 600's. We bring home $4800 per month after taxes and insurance. Do you think we'll have any issues getting a new mortgage for approximately the same amount as our existing one? We won't be buying a new house until our current one sells.
Hi Kiley!
Welcome to forums!
You have mentioned that you will be selling off your existing property and then take out a new loan to buy another property. In such a situation, I don't think you will face any problems in getting qualified for the new loan. Selling off the property won't have any negative impact on your credit situation as you will be paying off the loan in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You have mentioned that you will be selling off your existing property and then take out a new loan to buy another property. In such a situation, I don't think you will face any problems in getting qualified for the new loan. Selling off the property won't have any negative impact on your credit situation as you will be paying off the loan in full.
Feel free to ask if you've further queries.
Sussane
Hi Kiley,
If you sell off the existing home, then I hope you will pay off the loan in full. In such a situation when you take out a new loan, I don't think you will face any issue if you meet all the required criteria.
Thanks
If you sell off the existing home, then I hope you will pay off the loan in full. In such a situation when you take out a new loan, I don't think you will face any issue if you meet all the required criteria.
Thanks