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Asked by Anne, Brooklyn, OH Fri Jul 18, 2008

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3
Dallas Texas, Agent, Dallas, TN
Fri Jul 18, 2008
You cant switch a mortgage, if you dont have a down payment you most likely you will need to sale your current property upon closing purchase the condo of your preference.
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Ben, , New York
Fri Jul 18, 2008
You can look into a bridge loan. But they are hard to get.

Selling after such a short time in this declining market, you might not have much of that 70K left after paying commission (it will cost you 6% to sell your current condo).
0 votes
Gail Gladsto…, Agent, 11743, NY
Fri Jul 18, 2008
The fastest way to sell a property is to price it below anything on the market. As you have only recently purchased your home, you must consider the closing costs in the purchase price and will probably end up losing money.

Please speak with a mortgage broker about whether or not they can transfer a mortgage to a different property. I have never heard of it, but it doesn't mean it's impossible. Most likely, you will have to sell the first property, pay off the mortgage and get a new mortgage for the 2nd property (closing costs again).

Unless you can afford to purchase the 2nd one without selling the first (ask about a bridge loan) or rent out the first and buy the second. I hope I have not confused you.
Web Reference:  http://GailGladstone.com
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