Posted on: 03rd Jan, 2013 10:37 pm
I'm looking at a house in a very nice neighborhood where all the houses were valued at over 300k before the current mess we're in. This home is in bankruptcy and the value is now $150k. I have been in my current home for 15yrs and have 3 years left on mortgage of $1400/month. I have excellent credit. We recently bought new cars and I was told my score is in the top 1%. I would like to just add our current balance to the new mortgage and want to know how to get into this home with the least up front / down payment.
Hi Mandy,
You cannot add your current balance to any other loan. You will have to take out a mortgage separately using the property as collateral.
You cannot add your current balance to any other loan. You will have to take out a mortgage separately using the property as collateral.
It is not possible for you to add your present balance to the new mortgage. You will have to take out a separate mortgage loan for buying the new home.
Mandy,
You have 2 options to accomplish your objectives:
You can either refinance your current property and take out the necessary funds to purchase the new property or you can refinance your current property and take out enough funds for a down payment on your new property.
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You have 2 options to accomplish your objectives:
You can either refinance your current property and take out the necessary funds to purchase the new property or you can refinance your current property and take out enough funds for a down payment on your new property.
[Promotional content deleted as per forum rules. Thanks.]