“Buying a Home without Selling Your Current Residence”
Good evening Joe. This is Sarah and Jason. We are interested in selling our house again (hopefully the third time is a charm!) and we are wondering how much we are qualified for and if we can possibly hold 2 mortgages for a few months. We found a bank owned house in Tolland and love it!! Do we need to sell our house first though? We would just like to talk with you and see what our options are. Thank you very much Joe and we look forward to hearing from you.
When I am asked if someone must sell their current home first, there are many questions that need to be answered. The most crucial is, can they handle carrying two mortgages at the same time and if so, then for how long?
From the lender side the question becomes, will the client qualify for the new purchase plus carry the debt of the current mortgage? Also, will the client be comfortable carrying that kind of debt and will the debt ratio work?
Lots of questions have to be answered and I am always delighted to work through them with my clients.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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