Speak to a lender first before selling your home! Your lender will advise you if you qualify at the time and if not they will let you know what you need to do to repair your credit. You would probably be better off talking to a private mortgage company rather than a commercial bank. You could also sell your home, "rent" and not be in a rush to find a home that you love...It's not always an easy find! Take your time...... more
Second mortgage is an ideal solution only if you really need it. However, I still believe that before applying for a personal loan such as 2nd mortgage, you should be able to assess yourself if you have the resources to pay-off your debt.If yes, then find a lender that offers low interest and decent terms.
I see this is an old post, however, I will post an answer in case it assists others. Try a "kiddie condo" loan, great way for a parent to help a child purchase a home. Ask a mortgage company for detials.... more
Once the bank receives the appraisal, they will then submit it to underwriting to request a final approval with conditions (typically no change in income, clear title, etc.) and then give an estimated date for closing. The underwriting process varies, your loan officer should be able to give you the typical time frames. In my experience it can take from 48 hours to 10 days. Most loans today take about 45 days from signing to closing if that helps. If you are working with a real estate agent, be sure to have them watch your closing date on the contract and ask for an extension if your loan will not be ready by the date listed in the contract. In order to close on your home, the title company or attorney must have the loan documents. I hope that helps. Congratulations!... more