Posted on: 22nd Nov, 2010 03:38 pm
hi i want to buy my dream house when the rate is still pretty low. i am thinking of a few options, please give me some advices.
1. pay a bit closing cost to refinance my 1st loan to get a slightly lower rate and then rent it out, hopefully the rent will cover most of the mortgage, then use all my savings to put down as the down payment on my 2nd house; the risk is i have to pay 2 house mortgages if there are times without tenants
2. try to put the house on the market, but the house is worth less than what i owe, so i have to pay the difficiency, meaning less money to go to 2nd house for down payment
3. short-sale the 1st house, but i haven't found out the details yet, i am hoping to walk away without paying the deficiency...take a dip on my credit and wait a year before buying the next house, hopefully i can get a good rate 1 year after short sale
please give me some advices...thank you in advance
1. pay a bit closing cost to refinance my 1st loan to get a slightly lower rate and then rent it out, hopefully the rent will cover most of the mortgage, then use all my savings to put down as the down payment on my 2nd house; the risk is i have to pay 2 house mortgages if there are times without tenants
2. try to put the house on the market, but the house is worth less than what i owe, so i have to pay the difficiency, meaning less money to go to 2nd house for down payment
3. short-sale the 1st house, but i haven't found out the details yet, i am hoping to walk away without paying the deficiency...take a dip on my credit and wait a year before buying the next house, hopefully i can get a good rate 1 year after short sale
please give me some advices...thank you in advance
Hi Guest!
Welcome to forums!
In my opinion, it will be better if you could sell off your existing home and pay off the mortgage in full. Once you do this, then you should apply for a new mortgage to buy a new property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, it will be better if you could sell off your existing home and pay off the mortgage in full. Once you do this, then you should apply for a new mortgage to buy a new property.
Feel free to ask if you've further queries.
Sussane