Posted on: 21st Sep, 2009 02:52 pm
I have a 1973 mobile home on 2 acres, I have a 20 year mortgage at 11 percent intrest and 9 years left to pay the balance of 22,000. I would like to remove the trailer and get a mortgage for a modular or doublewide, im thinking of around 55,000 for a new home. I have a credit score of 802. Would i have to get another mortgage for the new home and also keep paying my first mortgage or could i get some type of loan to combine the two?
Hi guest,
Keeping in mind the present market situation, it would be difficult for you to get a mortgage for a new property when you already have a mortgage. However, I would still suggest you to speak to some of the lenders of your area and check out if they are ready to give you a loan for a new property. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you would get a loan.
Keeping in mind the present market situation, it would be difficult for you to get a mortgage for a new property when you already have a mortgage. However, I would still suggest you to speak to some of the lenders of your area and check out if they are ready to give you a loan for a new property. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you would get a loan.
Unless you do some equity loan, it will be difficult to get anew loan for another home