Banks will always look at your general financial situation. It is good to know the credit score and to obtain the free credit report before you attempt any major financial decision. You can start here
https://www.annualcreditreport.com/cra/index.jsp.
Banks look at your mortgages as a form of good debt and the property you own increases your net worth.
You could try
http://cgi.money.cnn.com/tools/networth/networth.html to get an idea of your net worth.
Of course higher net worth makes you a more desirable candidate for a mortgage, or any kind of borrowing.
If you are thinking of selling keep in mind capital gains tax. If you have lived in the property 2 out of past 5 years than you will be exempt up to a certain amount (up to 250K for married couples).
Are you thinking of buying a single or multi family property?
- Thu Jul 24 2008, 08:37