Property Q&A in Kingman>Question Details

Theresa, Home Buyer in Kingman, AZ

what if i want to move but i have a mortgage?

Asked by Theresa, Kingman, AZ Sun Oct 24, 2010

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It's amazing how Randy seems to always pack a million dollars worth of wisdom into his short two cents worth of words...

All the best,
1 vote Thank Flag Link Sun Oct 24, 2010
Dear Theresa:

Contact a good Realtor in your area and discuss your home's worth in relation to the current market. You will need to satisfy the mortgage lender by paying the loan off or otherwise, consider a "short sale" (paying the mortgage "short" of the amount owed).

For an excellent publication on the short issues, ask your Realtor for the State of Arizona's "Short Sale Advisory".

Which situation are you in, pay off or short sale?

Jeff Masich, Realtor
Arizona Homes and Land
0 votes Thank Flag Link Sun Oct 24, 2010
As Randy mentioned earlier,there is the option of selling or renting your property. Depending on your financial options, you may want to rent your next home short term. This will alow you time to get to know the area and to find that "special home".

The purchase of a second home will require a larger down payment if you are not planing on paying cash. You can also lease your exhisting home and call that income property and consider your next home purchase your primary residence. (check with your lender for details on income properties).

If you are considering purchasing a home, and obtaining financing, you do need to visit a lender first. The information you obtain from your lender will deffinately help you determine which real estate move is best for you.

Best wishes on your move.

Lance Matzdorff
0 votes Thank Flag Link Sun Oct 24, 2010
Sell your property and pay off your mortgage loan! If you can't or don't want to sell your property, then rent it out.
0 votes Thank Flag Link Sun Oct 24, 2010
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