Posted on: 09th Jul, 2013 01:35 am
Hello there... I have a mortgage $2400. but I want to move asap to a new home. I want to keep my house and use it as a rental property. I am also paying off a few debts as well. How long will it take for me to get a new mortgage to buy a property? Do I basically just improve my credit score and rent my house for a year at least for the bank to give me a mortgage?
Hi KSV,
The lender will take into consideration all the eligibility criteria in order to give you a loan. Your credit score will be one of them. Apart from that, it will be better if you do not have any more mortgages in your name
Take care.
The lender will take into consideration all the eligibility criteria in order to give you a loan. Your credit score will be one of them. Apart from that, it will be better if you do not have any more mortgages in your name
Take care.
Welcome KSV,
Sara is right in saying so. It will be better if you could pay off your existing mortgage and then look out for a new mortgage to buy another property.
Sara is right in saying so. It will be better if you could pay off your existing mortgage and then look out for a new mortgage to buy another property.
Pay off the $2400 and then opt for taking out yet another mortgage loan. If you take out a new loan without this, you might face difficulties in repaying the new loan and defaults will have an adverse impact on your score.
Taking out a new mortgage along with your existing mortgage may not be the right option for you. Try to pay off your existing mortgage before taking out a new mortgage.