Tina C. Clot…, Home Buyer in Garfield Heights, OH

i own a house with my mother will i be able to buy a house of my own

Asked by Tina C. Clotman, Garfield Heights, OH Sat Oct 26, 2013

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3
So is your name on another mortgage? If so, it is still possible but it may be harder. Since you name is already on a mortgage, your next home with be considered your second home. This means that lenders may be less willing to lend to you because they may view lending to you as more of a risk since you already have another mortgage under your name. But if you finances are strong enough to support two mortgages, then you should be able to obtain a loan. Another thing that comes along with second home mortgages is that lenders require higher down payments and rate to balance out the risk. Either way, the best thing for you to do is to speak with a lender directly so we can efficiently assess your situation. I would be glad to speak with you to help you get the loan that you need. So if you have any further questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Thu Feb 13, 2014
Yes, depending on the value of your current home and next purchase. If you're moving up in value it won't likely be considered an investment property. Not sure if you're on the home or mortgage? It will all depend on where you stand with the current home and what you are planning on purchasing. You will definitely want to discuss all of your options and your situation with a good mortgage broker. They will be able to guide you and let you know your exact buying position. I would be happy to refer you to someone. Contact me anytime.

Cecilia Sherrard
RE/MAX NE Ohio
216-323-4620
http://www.YouShouldOwn.com
Web Reference: http://www.YouShouldOwn.com
0 votes Thank Flag Link Sun Oct 27, 2013
It is best to speak with a mortgage broker to determine your preapproval amount based on your other payments and income . If the house is paid form then it won't affect your next purchase. If there is a mortgage payment , then that will be figured in to your next purchase ability.
0 votes Thank Flag Link Sat Oct 26, 2013
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