Posted on: 23rd Jun, 2010 11:46 am
My home is paid off. We have our house up for sell because we need to move for work related purposes. Is it possible to take out a loan on our home to buy a another home in another state?
Yes, you can take cash out to 80% of the value of your current home and use that cash to buy a new home. However, if the amount of cash you take out is not enough to cover the entire purchase price, you will have to qualify for payments on both properties. Since your house is paid off, I would advise against doing this. Have you considered renting it out? I would not suggest taking cash out in your situation, I would suggest you buy a new home at your new location. You can buy with as little as 3.5% down and just finance the new property as your primary residence and have no mortgage on your current property until it either sells or you rent it. You might as well add that positive cash flow to your finances while it sits there.
There is a larger issue at hand. If your property is listed on MLS. It's going to be tough to find a lender that will allow you to pull out equity. It would have to be off the market for atleast 3-6 months (depending on the investor).
"There is a larger issue at hand. If your property is listed on MLS. It's going to be tough to find a lender that will allow you to pull out equity. It would have to be off the market for atleast 3-6 months (depending on the investor)."
Absolutely untrue, there are many lenders that will do this 1 day off of MLS, it's not an issue at all anymore if you go to a broker with multiple lending sources.
Absolutely untrue, there are many lenders that will do this 1 day off of MLS, it's not an issue at all anymore if you go to a broker with multiple lending sources.
being that we're all on the same team and this is a forum to give advice. please enlighten me to which lenders allow a cash out refinance one day off of mls. i work with a direct lender that also has multiple lending sources but, i don't have a lender that will allow that. any help would be greatly appreciated!
"Being that we're all on the same team and this is a forum to give advice. Please enlighten me to which lenders allow a cash out refinance one day off of MLS."
While I agree that this forum is about advice, I hope you understand that it is not my job nor in my best interest to enlighten my competition. What makes me competitive is finding unique products for my clients.
Hope you understand.
While I agree that this forum is about advice, I hope you understand that it is not my job nor in my best interest to enlighten my competition. What makes me competitive is finding unique products for my clients.
Hope you understand.