Which first- apply for new mortgage or list our house for sale?
by Mortgage Rates on Wednesday, November 3rd, 2010 | 5 Comments
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First find out how much you CAN get approved for.
Then put your house up for sale. Once sold, you can find a house within your limits and do the whole thing at one time.
if you have not sold what you have yet where do you anticipate getting the money down for the new mortgage ?
One of the conditions first put in writing. Subject to the sale of yours. Is the new home you are buying going to cost more? if so always talk to your lending institution first. They will advise you.
i’ve never owned or sold a home but your way sounds MUCH better–i would think listing it sooner than later would be okay because, like u say, the market is bad—i don’t see why he can’t work on his credit in the meanwhile, and depending on the improvements/repair he’s got in mind, sometimes those can just be negotiated into a better selling price to entice a potential buyer (some people just LOVE fixer-uppers)–maybe the buyowner.com website has some info??
ALWAYS apply for the mortgage first. The mortgage guidelines have changed so much that you need to have at least a 650 or higher score to get a somewhat decent rate.
Then you need to know if your budget can afford the new rate.
See if you qualify to get your next mortgage first. I have actually heard of a couple who sold their house first then did not qualify for their next mortgage….You do NOT want to put yourself in that situation.
Get your mortgage squared away first, this will dictate what you need to do next.
(Blogdog is a Licensed Mortgage Broker and Licensed Realtor in the state of Florida.)