Posted on: 05th Jan, 2014 11:39 am
Wife and I are about to try and sell our house with no mortgage, and then buy a new house as well. We have a sizable down payment, in addition to the money from the house we are selling. With proceeds from sale of house plus our down payment, we hope that will cover cost of new house (under 300K) Do we still have to apply for a traditional mortgage?
Given your assets and down payment capability, you may have chance to obtain a new mortgage. But, you have to fulfill other eligibility criteria too. Your credit score, employment, debt to income ratio etc will also be checked by the lender.
Hi Scotttt!
Welcome to the forums!
If you have the money, then you can purchase the property for cash. You will not have to take out any mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you have the money, then you can purchase the property for cash. You will not have to take out any mortgage.
Feel free to ask if you've further queries.
Sussane