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.

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When you selling it, does the additional 60,000 goes to the owner of the house and what if you have been the house for 3 years and you only have built a small equity. how does that work?

When you sell the house, the amount remaining on your mortgage is paid off in full, and you get the rest. Assuming you'd sold the house for the appraised value, that would mean you'd get however much you'd paid off on your mortgage's principle over the last 3 years as well as the $60,000. Assuming you live in Canada (since your question was posted in Y!A Canada), you would not have to pay capital gains taxes on the money you made because it was your primary residence. If you bought a house and sold it for more but you hadn't lived in it, then you would have to claim the profit as capital gains and pay taxes on it (half of the amount is tax free, the other half taxed at the same rate as your income is, so dependant on what tax bracket you're in)

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My pay slip shows £250 per week but i earn more because i get commision and tips. does anyone know any mortgage broker that can help.

You would need some way of proving your income. Your alternative is to get a 'self declared income' mortgage but these are expensive AND rare since the credit crunch as they are regarded as high-risk / sub-prime.

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We bought our first house a few years ago, but we've never sold. our first home was $290,000 with $40,000 down leaving us a mortgage of $250,000. we found a new house that we like which has an asking price of $340,000 generally speaking, how do mortgage companies handle a change in payments? would we have to come up with another huge down payment sum, or can we just transfer our mortgage over? how does that work?

As far as calculating our new mortgage payment, as a landlord i use http://www.mortgagecalculator.org/ all the time. As far as just transferring the mortgage over, usually not. I've never hear of anything like this. The biggest piece of advice is, DO NOT buy until you've sold. You will be stuck with both mortgages. Traditionally you need to sell your current house, payoff the mortgage there. Then you can move forward with buying a house and go through the whole process of financing again. Most important before you do anything is pre-qualify for a loan. www.Mortgage-Info.com is a good site to become familiar with. Another note: HelpotherZ also listed a VERY good site. definitely check out http://www.mortgage-info.we.bs/ I forgot about that one.

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Okay this is what it states. " take over payments! 30-50% below the market. no deposit or down payments. deed and title will transfer! weeks until foreclosure. distressed property owner. " - 4 bedroom - 2.5 bathroom remaining balance left on mortgage $290,000 @ $1225/ per month *okay back to me, does it mean that if i want the house, i won't have to make a down payment, and just pay $1225 a month? and what if it goes into foreclosure? baby steps please.

If they are good to their word, you can get the house with nothing down and pay 1225/month. Now, there are a lot of "gotchas" to watch out for: 1. is the title clear of any other loans? It needs to be. 2 is the mortgage "transferrable" by the lender? Must be yes. 3. are there any transfer fees? Might be. Lender will= know. 4. what does that payment include? are taxes and insurance extra? Taxes and insurance can add hundreds of dollars per month. 5. Big one: is the loan adjustable, and if so, when and how much? Your payment could go up a LOT if it is. Lots of questions to ask. Be sure you get the answers and be sure they are the right answers. Good luck!!

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Most companies that offer to buy your house or help sell it won't even help us. we got our mortgage for $300,000 but we owe about $290,000. since we knew they were going to forclose and we could only send them a couple hundred dollars a month (our mortgage was $2,800) we just concentrated on paying other bills. should we wait for the house to forclose and get taken away or should we file for bankrupcy (i think there's either chapter 11 or 13). we desporately need some help! any advice is greatly appreciated (even if its a link to a website or a number to call) thanks!

With so little equity, if the assessed value of the house is anywhere near the mortgage, sell the house. Foreclosure and /or bankruptcy are not great options; and you may end up paying a deficency balance anyway.

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Hi, we have bought the house for $290,000 over 2 year ago and we owe now about $250k. the house will sell for less than what we owe if we try to sell it now. we (well mostly me) want to move to a different neighborhood. what would you do? we can't rent the house for our mortgage pmt (about $2k) so if we decide to rent it out, we will need to fork out the difference. my dh's credit is about 800 fico. i would like to sell this house and buy a smaller/inexpensive house for a lower mortgage payment in a desired neighborhood. would it be possible? which route should we consider? if we try to short sell or foreclose on the current house, we will lose our invested $40k but by holding onto this house, the mortgage is too high. we simply don't know what to do at this point. most people/family tell us to keep the house for now because we'll lose our money if we walk away... i wish this house was my dream house, then i'll try to make it work (as far as payments)... concerned in fl yes, i don't know whether the new presidency will make better or worse in the housing market. also we don't know how long it will take for the market to get better (my house price to go up to $290k)... we've got $40,000 on this house not a few thousands... i just don't know if there is a way we can buy a new house and sell this one and do the deal smoothly without going thru shortsale or credit risk. i've read some people mention about adding the short amount to the new mortgage but that is risky too... anyone has been in this situation and was able to move out/bought a different house? elle, thanks for your suggestion. as much as i don't want to stay here, i guess that's what i needed to hear. (hold onto it until the better days and hoping it will come soon...) ja, i called my lender (countrywide) a few months ago and refi wouldn't help us. our 2nd mortgage is heloc arm so overall monthly pmt will go up now down by refi. also i don't know if we rent this out, i heard the mortgage rate might go up since it is not our primary residence? and my dh doesn't like the hassle of rent/tenant deal. big deal maker, i've actually put some ads on craigslist on housing swap but several people contacted me for rent not swap. i only have the idea of what you said (exactly what i was thinking) but don't know who to go about it. if my house is valued more than someone else's house (since it will be smaller), they need to pay us extra, right? but then would we sell our house for current market value or what we owe and vice versa? another thing to research! whew...

I would wait. If you sell for less than you still owe, you are still going to have to make payments on that. So that will likely drive up your out-of-pocket monthly expense, just the same. Refinance if you can, or get a second, third, fourth job. Whatever it takes. OR...you could also try getting a roommate/renting out one of your rooms. Does not sound like you are in the position to lose $40K at this point. And while the market is not good now, it won't stay this way forever. I would just buck up and try to get past the rough spot until you can sell it for at least what you owe. Good luck and chin up!!

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The house is 290,000. i am looking to take out a 217,500 mortgage. i am short of 13,000 1) one of my relatives is willing to help me out and 'gift' us 10,000 towards the dp. is this allowed? what banks will accept this? 2) we have cash (13000) at home (every month we keep a side $300 )how to justify this to loan offices ? is it true now banks do not accept gifts towards investment property dp?

while the residential lending world in the US is very tight and has lots of regs, not so with commercial. There are only 1 commercial lender for every 50 res lenders [cause we never did have a Fannie Mae for commercial; a firm I know of is trying to create same.] so, I think you should just bank the 13k and it is not automatic that your lender will ask where it came from. be prepared to have to pay 20-30% down and have interest rates 1.5-x 2.5 times higher than residential mortgages. Luck

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Interest rate. i calculate about $290 on the realtor.com page but you have to put a dwn payment there so i used $3000. is there a simple way to look at a price on a home and get a ballpark figure on the monthly mortgage amount?

Fior every $100,000 you borrow, you pay about $100/mo for evey point in interest rate. 100k at 1% would be about $100/mo a rough estimate for a 56k loan would be about $56/mo for evey point in interest rate. If the interest rate is 5%, you'd pay about $56*5=$280/mo.

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Mortgage $2,700 monthly un $405.00 weelkly owe 290 k on house valued at 625.000

Get yourself another job or sell the house.