How can people buy another house when they already have one? - mortgages for older people
I mean, for example, a person wants to move and buy another house
But they have a house and a mortgage to pay.
How can they sell the house and buy a new one?
I mean, what about the home mortgage? It remains to be paid? What about all the money that they in the mortgage and equity?
Tuesday, January 19, 2010
Mortgages For Older People How Can People Buy Another House When They Already Have One?
6 comments:
Sell your house or to another house, the new buyer will receive a new loan, and the product is the "existing loans" of age.
Then the difference between the sale price and the loan in the amount of cash is given to you at the end of the escrow company, for the title. Another objective
If you do a lot of equity, with a portion of their equity and use a down payment on a new home. Then rent or lease your existing house, as she has become rich, even now.
Remember, the qualifications of the buyers' new check "when they take over funding for or offer the possibility of a lease.
If your old house did not sell, you pay the mortgage on the house of the old and new. After the old house is sold, the sale proceeds goes to pay the old mortgage. For all other monies from the sale, which is used as a deposit for the new house. Normally, people are not approved for two mortgages if you buy or sell your home first and then the old a new one. You can also marketed under the conditions of the sale of the house will not be available for 4-6 weeks to give time to your new home in the neighborhood.
Of course, you have to pay because you want to sell yours or did not exempt from liability.
Normally, this is what happens:
At their home on the market. You buy a house. You can either make a bridge loan or offers to sell the new house depends on your house.
Sell your old house should be based on what you owe on the mortgage market. Note that many buyers to pay on the search for concessions such as seller on your most recent pay the costs, so that the product data provider that tells you what to stay away from the table.
The old mortgage is satisfied (paid) at the end, with the proceeds (money) they benefit from the sale.
To say that the house originally sold for $ 100,000. Make U.S. $ 10,000 down and have a mortgage of $ 90,000. The house now sells for $ 200,000. They still have $ 80,000 left on the mortgage market. You will receive $ 200,000 to pay the old mortgage with $ 80,000 (and pay certain costs of others - his lawyer, the lawyer for the bank, closing costs, etc.) and with about $ 100,000 U.S. dollars left to put on the new house ( do and what they want).
If you have enough money to pay their mortgages, so no problem. Sometimes people are buying a second home as an investment property - they can live in both houses, a rent and then pay a mortgage with rental income.
I do not know, I'm a bit lost with all of your questions and would also like to know.
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