Home Buying in Cary>Question Details

John G, Home Buyer in 85048

Second mortgage in a year? Mortgage experts, please help!!!

Asked by John G, 85048 Fri Jul 19, 2013

Hello experts, I bought my first home earlier this year in Feb and have $250K mortgage on it and now thinking of moving to Cary-Raleigh area. I knew that I might have to move at anytime so I invested significantly less than what I could afford. I don't have any revolving debt, my car is fully paid off. In this case, will bank lend me? and how much do I need to put down? Though I can afford putting down 20%, I would like to keep it up to 15% if possible as I feel less secure with all of my cash burnt down.

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Susie Lamb-Tonnemacher’s answer
Hi John,

This is a really good question which needs to be addressed by a good mortgage person. Please feel free to contact Davis Orebaugh with OnQ Mortgage here in Cary. He takes calls on the weekend and has been in the business for many years. What is great about his company is their ability to look at each individual situation and design what is best for the borrower. He'll give you a good idea of what to expect and your options.

His contact information is:

Davis Orebaugh, OnQ Financial
Cell 919-740-7049

After speaking with him, please feel free to give me a call. I'd be happy to help with your move to the area! Have a great weekend too!

Susie Lamb-Tonnemacher, REALTOR® Broker
Go Realty
0 votes Thank Flag Link Fri Jul 19, 2013
John - based upon what you are providing us, the answer is yes, you can get another mortgage and buy a home in Cary. I assume you don't live in this area now. You can make as little as a 3.5% down payment -however, the best rates, etc. will be found if you make at least a 10% down payment.
0 votes Thank Flag Link Wed Sep 25, 2013
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