Posted on: 12th Jul, 2010 12:27 pm
My husband and I are looking at a vacation condo that is listed for $99,900, that would be rented out when we are not using it.
We already have a rental house that has a mortgage on it at $489/month and rents for $600/month. There is approx $30,000 equity in the home.
Our mortgage is $1150/month. There is approx $60,000 equity in the home.
We both have car payments that equal $1000/month. One of which will be paid off in May 2011.
We have no other debt. And both have excellent credit.
The majority of our saving is in our 401K plans and my husband has a pension plan at work as well as some stocks.
I am wondering if it we would qualify for a mortgage and how would be the best way to come up with the 20% down payment it seems is normal for the se mortagages. Should we use the equity in one of the houses or cash in the stocks.
We already have a rental house that has a mortgage on it at $489/month and rents for $600/month. There is approx $30,000 equity in the home.
Our mortgage is $1150/month. There is approx $60,000 equity in the home.
We both have car payments that equal $1000/month. One of which will be paid off in May 2011.
We have no other debt. And both have excellent credit.
The majority of our saving is in our 401K plans and my husband has a pension plan at work as well as some stocks.
I am wondering if it we would qualify for a mortgage and how would be the best way to come up with the 20% down payment it seems is normal for the se mortagages. Should we use the equity in one of the houses or cash in the stocks.
Hi mcw,
As you already have mortgages on your rental and primary property, it might get difficult for you to qualify for a mortgage. However, you've mentioned that you've excellent credit. In that case, I would suggest you contact the local lenders and apply for a mortgage using the vacation home as your collateral. You may pay the 20% from your savings or else you can cash in the equity that you have in your other properties and pay off the down payment.
Thanks,
Jerry
As you already have mortgages on your rental and primary property, it might get difficult for you to qualify for a mortgage. However, you've mentioned that you've excellent credit. In that case, I would suggest you contact the local lenders and apply for a mortgage using the vacation home as your collateral. You may pay the 20% from your savings or else you can cash in the equity that you have in your other properties and pay off the down payment.
Thanks,
Jerry