Posted on: 24th Sep, 2013 02:03 am
Hello there... I found this house in my locality which suits my needs and also within my budget. But I am stuck with a present lease which is active till March, 2014. In such a situation, will I be able to get a mortgage? I can really afford this home.
Getting a mortgage will depend upon your financial and credit situation. Moreover, most lenders will want you to occupy the property within few days to the closing. They may not give you time till March to complete the lease.
Hi Sandyy,
You will first have to get pre-approved for a mortgage. As far as the lease is concerned, you can break it and shift to your new house but you will be liable for paying certain penalty.
Thanks
You will first have to get pre-approved for a mortgage. As far as the lease is concerned, you can break it and shift to your new house but you will be liable for paying certain penalty.
Thanks