Jennifer Wang, REALTORÂ®, Buyer Specialist
The Landmark Group at Real Estate Teams, LLC
BUYING A HOME
Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.
The Mortgage Professional will give you a conditional approval letter to take to the realtor.
Once the realtor has found your home you should get it inspected to determine if itâ€™s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.
Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.
Youâ€™re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.
DURING THIS PERIOD DO NOT TAKE ON ANY ADDITIONAL DEBT UNTIL THE LOAN IS CLOSED AS YOU WILL BE DENIED THE LOAN.
Wherever you're located in this nation, you can trust you're working with a reputable mortgage banker - not a fly-by-night operation. Here's why.
Bank of England is partners with every major investor on Wall Street; allowing us to provide the best rates and terms on all mortgages.
We are approved by the Better Business Bureau and Bank of England /ENG Lending is the only mortgage bank among its competitors that is owned by a FDIC insured bank and did not need government bailout to remain solvent.
Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.
Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Let ENG's experienced Mortgage Bankers help you find a solution for your financial needs. My name is Lowell contact me at (972) 646-2411 so we can discuss your situation in private. Benefit from my 21 years of experience answering the most common mortgage questions.
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
You have the option of renting out your current home and purchasing a new one if you qualify.
Why not touch base with a mortgage banker to determine your options?
As you see from the other answers, it's not possible to roll your negative into another home. The market has heated up some in Frederick and it depends on what location you are you might be able to get a little more now then you think. It really depnds on the ocndition of your home, location, etc. It is possible for your to rent your home out as the rental market is extremly hot right now. Give me a call and we can discuss further. 240-876-3424.
Thank you, Patty Smth
Long & Foster Real Estate
Mount Airy, MD
If you can qualify for your current home and your new home, then you can purchase the new home and lease out the current home until the market returns. This is dangerous proposition and I wouldn't recommend it for obvious reasons, but it is possible in some instances.
You may have some options.
You can rent the current place as long as the new mortgage qualifies you with your current payments plus the new one.
You can rent your current place and then move to somewhere that you rent instead of buy.
You can find a Seller that will do the financing instead of a bank (hard to find).
It's not easy, but with the right mortgage person and real estate agent, it might be possible.