Home Buying in Houston>Question Details

Shahriar, Home Buyer in Houston, TX

What is the best way to buy a seond home to get the cheapest motgage rate?

Asked by Shahriar, Houston, TX Thu Jan 22, 2009

I bought my first house 3 yrs ago and owe to bank about 60% of the value. I need to buy another home within next 6 months (work relocation) and need the make the second home as my primary. I dont want to sell the 1st home and dont want to pay a higher interest rate for the second home as will. I just did a refi (last month) and fico was 830.

Any help will be appreciated. Thanks

Help the community by answering this question:


Since you are relocating the new home will be considered your primary residence and you will get primary residence interest rates. Your credit score is excellent so there will not be a hit for that. Are you staying with your current company or at least in the same line of work? You will need a two year work history in the same line of work. There are many different loan programs you might be interested in. I am available anytime to answer questions.

Thank You,

Dominique Ressurreicao
Co-Branch Manager
American Pacific Mortgage
0 votes Thank Flag Link Thu Jan 22, 2009
If you qualify for the new home, the fact that you still own the other one will have zero factor on rate. You will qualify for the best rates.
40% equity is good!!
0 votes Thank Flag Link Thu Jan 22, 2009

Are you relocating in Texas if so I am a Texas loan officer.

If 2nd home will be your primary residence you would be fine, there are several ways to work around those issues.

Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
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0 votes Thank Flag Link Thu Jan 22, 2009
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