ON Canada - whenever I take mortgage applications, as long as you are out of your probationary period and you are a salaried employee, I look at your tenure in the industry. If you have been with the same industry more than 2 to 3 years, then I can take your application and submit with a reputable lender to get you a loan. email me at victor_catalan@centum.ca if you need assistance on this matter.

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.

Powered by

I am planning to buy a house to avoid paying high rent and will take a mothly repayment mortgage with minimal deposit.as i know,the for first few years,the monthly installments are composed of mainly interest and small part of capital repayment(80-20 ratio).that means for first few years i will be paying interest more and will have very low equity in house.now during that period if i want to sell house,am i going to loose money considering following: a.the property price remains almost same.the property does not get appreciated in 2 years. b.my income remains same. example: at the time of buying: property value: 100,000 total to be returned: 150,000 (50,000 is int) monthly installment: 1000 (800 int,200 cap repay) after 2 years: property value: 100,000 capital repaid: 4,800 (200*24), interest paid: 19,200 money paid: 19,200 + 4,800 = 24,000 now if i sell the house will i get 24,000 as part of selling (after paying off everything to the lender) or just 4,800.

You'd get 4,800. The interest is simply an expense along the way. Your equity is what you'd get back and that would only be 4,800. With typical sales commission of 6% of the sales price, you'd have a 1,200 loss if the buyer paid all other costs. At current rates, paying 1,000 per month on a 100k mortgage would be on a 12 year schedule and you'd actually pay down about 11,700 in principal, so after a 6,000 sales commission you'd be looking at about 5,700 net.

Powered by

How likly is it my home will be repossed while im waiting to the usuall avrage six weeks it takes to complete a sale of house ?? and do mortgage companys have to advise u first that they are about to seek reposetion?.. and can the arears affect my sale going threw yes the money i get from sale of house should cover all costs and penalties

The mortgage company will not let you sell the house unless you can demonstrate that you can pay off the loan at closing. They can in theory make it a pain for you, but given this market, will likely try and work with you. Are you selling it at a gain and will you be able to pay off the loan and any penalties at closing?

Powered by

I want to sell my current home & purchase a condo. i am a retired senior with a fully paid-up home. the condo is in construction to be finished in a couple of months. if i list my current home, it may not sell in time to simply pay for the condo. therefore i have been to see lenders. they all recommend against a bridge loan due to unavailability and also due to high costs. they also recommend against a home equity loan. the one i think would be the best is this scenario but i am asking for your guidance on which one is the better way to do this for any and all reasons. re-finance my current home and take a $100k loan at less than 5%. this loan would have no prepayment penalty. i would make a $50k down payment on the condo then sell my home and pay off the refinance loan on the home & owning the condo free & clear. the other alternative, is to take a mortgage on the new condo & pay it off when the house sells but that mortgage cannot be done until it is completed. again, there would be no prepayment penalty. also the seller will not do a contingency. if i would take the loan on my current home i would not have a problem making the mortgage payments because they would be low enough for me to afford to do this for a few months while the house is listed. but i'm not sure if it makes things more complicated to sell a home with a mortgage on it or not? i would like to keep the home & rent to my son for property taxes only but it would be less rent than fmv & i think the irs calls it my second home & the tax benefit is lost. what a shame not to be able to help out. thank you,

Hello Leeway, Seems the drop dead simplest solution is to get a mortgage on the new home. If construction has already started, then that seems to imply you have already given them a deposit, so why would you need a bridge loan with only 2 months remaining til completion - a "couple" means (2) to me? People generally get bridge loans at the beginning of the process so construction can get started. On the thought of refinancing your current home and then paying it off in a few months, lenders expect that when you refinance your home, you will remain in the home for at least 12 months and would not like the thought of you selling the home after making just a few payments on the loan. The lender could suffer chargebacks for that. Think about this. By refinancing your current home at the low rates for a primary residence, you are indirectly getting a bridge loan to buy your condo - but at a rate you would not otherwise obtain for a true bridge loan. But by telling the lender that you intend to occupy that home for the next 12 months, you would be committing mortgage fraud. I can't see why someone recommended against a home equity loan. I've had many clients get home eq loans to buy other property. Better yet, get a home equity line of credit. You'll get a really low start rate. Then pay it off after the home is sold. Be aware there may a fee involved to close out a home eq line of credit that soon. Be sure to get all the details. But more than likely, the fee for the early close-out will be less than the closing costs on a refinance - and no fraud would be involved. For the record, selling a home with a mortgage is par for the course. Most people who sell their homes have a mortgage outstanding. You should seek competent tax advice on the second home and rental issue. Good luck.

Powered by

Can i sell half of my house back to the mortgage company and begin to start a mortgage again. however i have calculated the amount of money i am going to earn for the remaining years whilst working and i wont be able to complete the whole mortgage before i retire. i would be 20% short, aprox. so will mortgage companies be willing to accept mortgage and agree certain percentage they own once i retire?

A remortgage is when you replace your existing mortgage loan with a new one from either the same lender or a new lender. This is usually done to reduce monthly payments or to release equity. Remortgaging is usually carried out through a remortgage broker to find the best rates. One of the most common reasons to re-mortgage is to get lower monthly payments than you do now. If you are struggling to pay off your monthly payments, then you need to look for a better deal, as soon as you can. If you can find one, then ask your current mortgage lender if they can match this, if they would prefer to keep you as a customer at a lower rate than lose you altogether. If they cannot match the rate, then you should look at remortgaging. A reverse mortgage is becoming increasingly attractive to older people who are getting paid from the bank (instead of paying the bank), while getting to stay in their homes until they pass on. The bank then owns the property. Depending on your age, you might want to check into this.

Powered by

We are military and had to pcs from texas. we put our house up for sell in april fsbo. then in june went with an agent. our house is priced right for the area. we had it va appraised, the survey is complete and had a home inspection to see if there was anything we needed to fix. we have had many people look at the house and the agents says they love it and it ends up being most peoples second choice. it's only 3yrs old and we would like to get back at least what we have put into it. it is in a great location. close to a park with lake, easy access to the interstate, walking distance to hs , assigned to the better schools in the area. why isn't it selling? the house is spotless. i cleaned like a base house. i left curtains and shed. we have two mortgages now and it's getting tight. we haven't had any offers. i thought people we supose to make an offer then you could counter. thanks for all who have commented so far. well, our agent has asked other agents for comments. they all say it's a very nice well kept home at a good price and there is nothing to be changed. before we left i staged the house when we were fsbo. the only negative comment if you want to call it that was one lady said the pantry was too small. it isn't i got a lot of stuff in that pantry. i wish i had it now cause the one i have now is small and this house is almost $150,000 more than that one! we have thought about renting it out but i'm concered with it being taken care of. wonderful news, we got an offer today! i just hope it all works out. thanks a bunch for everyones advice.

You may have to rent it out until the market comes back a little better... that way, at least your mortgage would be covered (hopefully). Buyers are just sitting on the fence right now because of the abundance of inventory and the mortgage crunch... They are playing "wait and see" because they can.

Powered by

Hi all , i would like some professional help and advice about repossession, i have 2 houses one is complete loan free i hold the deeds . they other that i live in is under mortgage, i would like to know what happens if i no longer can afford to keep up with it and it's repossessed and the sale money is not to cover the mortgage, could i be forced to sell my other house? which is nothing to do with bank and is all paid off by me completely. thanks you all sorry forgot to mention i'm the uk and and would like to according to laws here also if this is what the banks would do here. thanks tou

The main difference between a US and a UK mortgage is that a US mortgage is firstly secured against the property and a UK mortgage is firstly an obligation of yours. This means that a US bank has to first move against the house and may be able to come after you for the balance (or not, depending on the rules in the particular state) whereas a British bank does not need to go after the property at all. In fact your British bank may never attempt to repossess your property but may simply come after you for the amount debt plus arrears and their costs. It will be simpler and easier for them to do this than to attempt a repossession and eviction especially if they believe you have other assets. I recommend you sell or let the house.

Powered by

The first guy offered three days after it went on the market, but a month later said no! - because his mortgage fell through. the second guy offered a week after it was back on the market and three months later i'm still waiting for him to complete! ps. i live in leeds, england

You NEVER take a home off the market completely until the money is in your hands. You let others know you have a contract pending, but it is still available. Your agent should be helping you use the proper terms and phraseology. One method is to require that anyone writing a contract be pre-approved (not pre-authorized) by his banker for the amount involved.

Powered by

Hi, i am currently based in seattle, usa. i am thinking of moving to india or any other location outside of usa. however, i do own a home in usa and that is a blocker for me to move outside of usa. if i sell the house now, i would be doing this at a loss now. hence, my plan is to move back to india and retain the home in usa (put it on rent) until the market improves and i am able to sell the house. the question that i have is how easy or difficult is it to sell the house in usa from india or anywhere outside of usa. is it something that can be done completely without even coming over to usa or would i need to make trips to the usa to complete different formalities (banking, mortgage, etc)? does anyone have any experience in this regard? thanks!

In most jurisdictions you can authorize someone as power of attorney to sell property (including real property). The POA (Or Attorney in Fact) can close in person in your stead. The person doesn't have to be a lawyer, but I do suggest you hire a lawyer to draft your power of attorney. At the very least use a legal website to get the POA form (like Legal Zoom). You'll probably need to have the POA notarized as well.

Powered by

Our house has been in foreclosure for months and there has been nothing we've been able to do to stop it. we've called the mortgage company time and time again trying our best to work anything out, and all they have told us is that we need to come up with over $15,000 by may 22nd (which is in about a week) to give them in one lump sum. that's impossible. so when they told us this (about a month ago) we decided to look into selling the house to one of our friends before the sheriff's sale date, which is june 7th. is this possible? he's more than willing to buy our house for it's complete estimated value and wants to make an offer. if he puts in an offer before june 7th will the house be out of our hands before then and sold to him? we just really need it to be sold before sheriff's sale. will this work?

why dont you have him pay the 15,000 then just sale the house to him

Powered by

We will get charged £2k for borrowing more. we need to borrow more than because the house needs complete refurbishment. after we sell we will make £15-25k on the current market, we have researched the ceiling price for house in the area we have bought. please only answer if your from the uk, and a mortgage broker, finacial adviser or know what your talking about. please only answer if your from the uk, and a mortgage broker, finacial adviser or know what your talking about.

It may be better to borrow more on the mortgage if this is an option that is available to you, it all depends on the interest rate of the mortgage and the interest rate that you could get with a secured loan company, i am assuming that you have already got this information, advice from an independant mortgage broker should be free as they only charge for arranging the omrtgage so go through the yellow pages and give a couple a ring, You could also look into renting the property out instead of selling it once all the refurbishments have been completed.