 |
|
 |
 |
|
|
Forum
-> Inquiries & Offers
-> Lakewood, Toms River & Jackson related Inquiries
|
amother
OP
|
 Tue, Feb 07 2023, 6:37 pm
Need some guidance.
We currently own our home mortgage free and a new home that we signed on a few years ago is almost up to closing. What is the best way to secure funding for the new home if we can only get $300,000 in home equity from our current home? Our credit is bh good and husband makes around $100,000 year. We are planning to sell the new home shortly after closing.
| |
|
| Back to top |
 0
 0
|
|
amother
Trillium
|
Tue, Feb 07 2023, 6:54 pm
| amother OP wrote: | Need some guidance.
We currently own our home mortgage free and a new home that we signed on a few years ago is almost up to closing. What is the best way to secure funding for the new home if we can only get $300,000 in home equity from our current home? Our credit is bh good and husband makes around $100,000 year. We are planning to sell the new home shortly after closing. |
It depends how much you need above the $300k in order to close on the new home.
| |
|
| Back to top |
0
0
|
|
amother
OP
|
Tue, Feb 07 2023, 10:39 pm
|
good point. I forgot to mention that detail. the new home is $770,000
| |
|
| Back to top |
0
0
|
|
amother
Trillium
|
Tue, Feb 07 2023, 10:41 pm
| amother OP wrote: | | good point. I forgot to mention that detail. the new home is $770,000 |
Are you eligible for a 470k mortgage?
| |
|
| Back to top |
0
0
|
|
amother
Chocolate
|
Tue, Feb 07 2023, 11:47 pm
| amother OP wrote: | Need some guidance.
We currently own our home mortgage free and a new home that we signed on a few years ago is almost up to closing. What is the best way to secure funding for the new home if we can only get $300,000 in home equity from our current home? Our credit is bh good and husband makes around $100,000 year. We are planning to sell the new home shortly after closing. |
What do you mean, you signed on it a few YEARS ago and now it's about to close?
Did you put down a down payment? How did you go into a contract that's about to close without funding?
I'm so confused.
| |
|
| Back to top |
0
0
|
|
amother
Dustypink
|
Wed, Feb 08 2023, 12:52 am
| amother Chocolate wrote: | What do you mean, you signed on it a few YEARS ago and now it's about to close?
Did you put down a down payment? How did you go into a contract that's about to close without funding?
I'm so confused. |
With new construction from a developer this is common. Signing a contract but closing doesn't happen until the house is built, often a couple of years later and you need to get the mortgage then.
That's probably also why op feels that selling it after closing will bring in good profit as op signed on a couple of years agos pricing and prices have skyrocketed and the house will sell for significantly more than 770 now
| |
|
| Back to top |
0
0
|
|
amother
Honey
|
Wed, Feb 08 2023, 1:56 am
I'm not sure the technicalities but could you flip it without you actually closing on it?
Also, keep in mind that if you sell and payoff the mortgage on the new property before owning the property for 6 months the broker may be penalized by the lender.
| |
|
| Back to top |
0
0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
