This is what you call bridge financing to allow for the purchase of the new house . Unless your old house is selling or closing at a specific date, they will not fund the new house. In the meantime you would have 2 mortgages, 1 for the new property - with interest only payments (bridge) and one for the old - full P I. It is always prudent to sell first before buying as this creates additional cost. You can also rent one of the properties if you plan to keep it longer.

If you have a commitment from the lender, then they cannot just change their mind unless they found something wrong with your application (i.e. undisclosed credits, wrong information on income source, different source of down payment as what was presented initially) . If you do not have a written commitment from the lender and you only have a verbal commitment, it may be difficult to bring them to court. The way we do pre-approval is like getting a real mortgage - submit all relevant documents up front and get the lender give us a mortgage commitment good for x-days. This assumes that your financial condition would be the same or better when the mortgage application with a property is submitted.

Yes you can, when transferring your mortgage to another property its called mortgage porting and is a well known process with the lenders.

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With the house price shooting off the roof as well as the inflation, i really feel the urgency of buying a house asap. i have a secure professional job with good salary, but i only started working a year ago. with student loans, i have no savings at all. i've got offered some 100% mortgages, should i take it out to buy now? or should i wait until i have some savings? anyone have any first hand experience? what do people think? i just realised that these questions are also viewable by people in the states. sorry, i am currently staying in west yorkshire,england. and this is the region where i wish to buy in. thanks for all advice so far.

No

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We are moving to melbourne on pr visa. will banks finance 100% mortgage to buy houses in melbourne. pls advise upto how many years we can take to repay the loan and also approx interest rates.

You will find that until you have lived in Australia for a number of years you will not be eligible for any loans for houses on a PR visa. Even citizens have to show 1) several years employement IN AUSTRALIA and provide at least 10% deposit nowadays to get a loan.

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Not any more. There use to be ways around the 20-30% down. It would work if you had a p.o. box and told the bank you were going to live in the new home, but now that's called FRAUD, and you don't want to get caught doing anything like that. Lets face it, the only thing they care about is you being able to make the payments, and if it looks good on paper, it should go through the underwriter. If you come up with a legitimate way without putting 20-30% down let me know,GL

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I have always paid my mortgage on time and never missed but my other finances have suffered, ive just got a new job which is well paid so i aim to really sort myself out quickly.

Oddly enough you can still get a mortgage if your credit rating is bad. But I'm not sure if 100% mortgages are legal now are they? I thought they stopped that after the 80's boom? I think the most you can get is 95% but you may find offers which give 5% cashback! Best thing to do is speak to a mortgage broker, they can charge a one off fee as high as 500 pounds, but they are really worth it. Find a decent broker, tell him all your circumstances and let him find the best offer. (UK)

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Contact a real estate agent or go to HUD forclosure auction's

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My parents have a house that i want to buy off them. the house is worth around £160,000 and my parents have a outstanding mortgage of £100,000 on that house. my parents are happy for me to take over the £100,000 mortgage or for me to buy the house for £100,000. i was wondering how i should go about doing this to avoid paying over the odds.. i do not have any deposit. 1. do i have to get a mortgage for £160,000 and then my parents give me back £60,000 after??? 2. is there anyway of my parents transferring their mortgage and house into my name? 3. am i right in assuming that this is effectively my parents selling me the house at £100,000 even though its worth £160,000??? thanks to clarify, this is my parents second house that they were renting out - they still live in another house. i realise that as it is their second home, that they will have to pay capital gains tax - again, is that a % of 100,000 that they "sell" to me for or a % of 160,000 that the house is worth..

Your parents can sell their house to anybody for any price so this is not a problem.The situation is not clear.Are they selling it to you and moving out or are they going to continue to live in it?If you are just buying it as an investment for them to live in then you must be prepared to invest a lot of money long term so can you afford to do this? If they are moving on,then they elect to pay your deposit(on paper,no money actually changes hands) so the asking price would be plus 5% of £100k =£5 leaving you to borrow £100k on a mortgage . Hope this clears it up for you.

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Can i get extra £ 15.000. i mean can i go home with £ 15.000 in my pocket?

Real estate values are still declining in many areas, so anything less than 20% cash down payment is very, very risky. No-down, low-down, cash-out refinancing, no-doc, low-doc, etc, were lousy ideas to begin with, and now are dead. First, getting a cash-out loan against a new purchase would be an exceedingly stupid thing to do. Second, no reputable lender is going to go along with it these days. To some lenders, such an application would be a red flag and/or fraud alert, thus jeopardizing your ability to get any mortgage at all. Don't do it. Don't even think about it.

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Let say i want to buy a house for $100,000. if i put 10% down ( $10,000) is there any formula that can tell me how much will be my monthly pament ( mortgage) ? approximately!!

By whatever means you have your "mortgage payment" calculated, make sure you are getting the "PITI" amount. PITI = Principal + Interest + Taxes + Insurance PITI is the whole ball of wax! For a quick rule of thumb, you can guestimate it at $7 / $1000 mortgaged. Good luck!

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The answers so far are some great ideas in how to invest, but they don't answer your question. You pay 6% on the mortgage to save what on taxes? Lets say you borrow 80% to get a great rate of 6%. So you pay 6% of the 80,000 (estimate to keep it simple) in the first year. This is a total of $4,800 that you get to deduct from your income. If you are in the 20% bracket you save $960. If you are in the 35% bracket you save $1680. Hmmm, spend $4800 to save $1680. You could instead pay for property taxes and homeowners insurance!!! ALSO you pay a large set of up front fees. If you bought a $100,000 house the closing costs would be $3000 if you got a loan, or $500 if you didn't. So that is a pretty big fee there. As far as investing the money, consider getting a home equity line of credit. You will again have the cost to set it up, but you don't pay any interest until you take the money out and you can keep the line for 10 years. You can borrow and then put it back as many times as you like. There is no need to go investing now, if you change your mind you can do so with this line of credit at any time.