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Financing in Toms River : Real Estate Advice

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  • Home Buying75
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Activity 3
Tue Jul 15, 2014
answered:
The ability to repay a loan is the most important aspect of a mortgage application. No lender will lend you money if you currently don't have a means to repay the loan.

If you have passive income from retirement or investments, you may be able to qualify.

Please call or email me anytime.


Sincerely,


Ray R. Stevens
GSF Mortgage Corporation
Branch Manager
Branch NMLS #1122003
Originator NMLS #177825
Office: 239-471-7971
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Fri Sep 26, 2008
Ronnie Glomb answered:
Hi The answer is YES! If you live in the house for one year then start renting it out you will satisfy the occupancy requirements from most lenders. When you go buy your next house as long as its closer to your work and is at equal or greater value you will still be able to qualify for a owner occupied loan. This will also depend on credit score, income, assets and debt.

I am a Mortgage Banker and a Licensed Realtor. Please contact me for a better explanation.

Thanks
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Sun Nov 18, 2007
Bill Turano answered:
It is not worth doing for the rate alone. So, it depends how much cash are you taking.

Also, you must factor in how many years are left on your present mortgage. For example, if you already had your mortgage 7 years you may not want to start all over with a 30 year loan. It may make sense to take a 20 or 25 year loan or even a 15 year loan.

Finally, if you plan to move within a years, you might consider a slightly higher rate on a home equity loan in order to save the closing costs.

Bill Turano Senior Vice President
Select Mortgage
1715 Rte 88 West
Brick NJ 08724
billturano@selectamortgage.com
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Financing in Toms River Zip Codes

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