Asked by spudwiggley, Glendale, AZ • Thu Apr 11, 2013
I have been pre-qualified by my lender to purchase a "replacement" home and have received a Pre-qual certificate from them. My current home is mortgage free. It has been paid in full. My family situation has changed since purchasing this home and we need to upgrade to a larger residence. (From 3 bedroom to 4). We are activily searching for a new home in N. Phoenix/Scottsdale. Our current home is in N. Glendale. When requesting that the lender send or fill out the Arizona Association of Realtors Pre-Qualification form they suddenly decided to deny my pre-qualification because we will not be moving more than 50 miles from our existing one. The new home will be our primary residence. The "old" home will be rennovated and eventually sold when the market improves enough to come close to breaking even. Why would the lender say that we can no-longer be pre-qualified or that any new loan would be contingent on our selling our current, mortgage free home?
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