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.

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I have a home which i live in that i am going to sell as soon as i get in new home. i will put money on the new house. i need to get a 100% mortgage with no pmi or 80/20 fixed any ideas?

It is hard to get a 100% mortgage unless you have good credit and a good job. Lending out 100% mortgages is risky for banks. They will insist on you compensating them for the risk by paying them more money. You can pay the money by paying PMI, or paying a higher interest rate, or paying more points, but some way or another, they will make you pay more. That's just the way it is with 100% loans. There are a lot of scam artists on Yahoo answers. Beware of anyone who says they can get you a good mortgage. Never send them money. They will take it and run.

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We want to buy a house but was only pre-approved for $180,000 w/ 3.5% down, so the bank would only give us $173,000 for a loan. we saw this nice house that was asking for $184000 and we want to give them a $190000 offer ( it's a bidding/ bank owned) my daughter is willing to give us $10000 as a gift, would the bank let us bid on this house even though they said we could only have $180000? we got out- bid on the first house that we made an offer, the bank was asking $165 and we offer $177, they said somebody made a much better offer.

You will only need $180,000 so sure, you would be OK. The 10,000 has to be a gift. It cannot be a loan. What you will be doing is using the 10,000 as additional downpayment. Are you sure you want to overbid for the house? If the bank thought they could sell it for 190,000, that's what they would have asked.

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I bought a house a couple years ago for $213000...it was appraised at $215000...we have two mortgages to cover the whole $213000...if we were to sell our house for $210000(housing costs have actually dropped in our area) would we be able to do this if we owe $213000? after fees and what not i was thinking we would get $190000 from the sale which we would have to use to pay for the mortgages...could we pay off the mortgages and then still pay on whats left? we are thinking of moving to a cheaper location but we were wondering if we could sell this house, buy another one, and then continue to pay on what was left on the old mortgages as well as pay on a new mortgage. i hope this makes sense! not sure what we would get for the house now as i haven't looked into it yet but using the low end i am saying $210000...we still owe about $213000 on it...after we pay for real estate agents and all the other fees i was thinking we would get about $190000 from the sale...this would all go to the current mortgages...we would then owe $23000 on one mortgage from this current house...we then would buy a new house for say $150000...can we continue to pay off the $23000 and then get another mortgage for $150000? the reason for all of this is because i may take a new job out of state and the cost of housing is cheaper in the new place.

you must pay off the original mortgage you have at closing! you can not sell the house to someone without paying off the first and second mortgages the title company wont allow it! you cant have clear title until the mortgages are paid in full. why not sell it for what you owe or make small improvements to bring up the value. the other option is to pay off the mortgage difference yourself at closing! your other option is to owner finance the home yourself to a buyer this is not a bad idea if you have a good rate and can find a good buyer! sell the home and have the buyers pay you interest only for 5 years or whatever term you wish! this way not only are you getting out of the home but you are earning interest ont he property for a term you pick! and hopefull at a higher interest rate than you pay now! once you have a buyer you can make conditional offers! i would find a prospective buyer once you have a contract in hand you can look for anouther property to move to as your new prImary residance! With any luck you can have the buyers of your home pay a higher interest rate giving you additional income PS ignore people who wont read the entire post! how can they give you a intelligent answer without getting the facts Mortgage Investment Consultant National Mortgage Banker

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My fiance's dad is looking at selling his house and has asked us if we would like to buy it but in 2 halfs to make it affordable for us as we are 1st time buyers, his house is valued at £190000 so we would need to get a mortgage for £95000 which would go to him so that he can pay his mortgage off, then when we decide to sell the house in how ever many years we will have to give him the remaining £95000 that we owe him and then we have the rest and hopefully by then the house would have gone up in value so we will make a little from it. we will do everything properly and go through solitiors for them to get it all written up to say how much we owe him when we sell the house, and that he cant make us sell the house if he needs/wants his other half things like that. has anyone else done this and has it worked out alright. i cant see that there would be any problems as long as everything is done properly.

Nothing wrong with doing business with family as long as all paperwork is drawn up.

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We bought a house for £145000, with a 15% deposit, four years ago, the house is now worth about £190000, we need some money to do work on the house, a friend said we should release some of the equity in the house, what would this entail? thanks everyone for your advice, i just phoned my mortgage lender and unfortunately we can't borrow very much because our income isn't high enough, so i will wait until our current tie in ends next year and when we re-mortgage with another company see if we can get some extra cash then. thanx all!

Remortgaging

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Before i begin, let me say i'm not some guy who just doesn't feel like paying for his house anymore. we bought a new condo before the housing market collapsed. it was converted apartments and they did a very very nice job. granite counters, new appliances, etc etc. at the time, they had a cap of 10% on the number of units that can be rented out, but after the "bubble burst" that has long since gone out the window. now over half of them are renters who treat the grounds like crap and park their cars wherever they like. also, they recently tripled our hoa dues because they claim to have "miscalculated" the expenses when they initially did the conversion. obviously i have my own opinions on that, but it is what it is at this point. i am now and always have been current with my payments and tried to refinance or modify my loan, but the bank won't even talk to me because my hardship must not be hard enough for them apparently. i owe about $190000 and it's current value is about $150000. a dozen or so other owners have already walked away this year, so every day the property values drop lower and lower and our hoa dues go up and up to cover. what was once a nice new building just four years ago is turning into an abandoned shanty town. my income is down (like everybody else) but i could probably still make the payments if i cut everything else out in my life, and i still want to do the right thing here, so what do you think???

You should make the best financial decision based on your current financial situation. Some times cutting and running is the thing to do as oppose to continue sinking funds into a sink hole and no apparent good coming out of it, and no end in sight. Once you weigh the negatives that your credit report will take for walking away and the length of time that your credit will reflect negatively, then you can make this decision that might be necessary. I hope this has been of some benefit to you, good luck. "FIGHT ON"