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We are a couple militaty and are currently a home to buy. We recently got a job offer and the state soon. How difficult it is approved for another mortgage for? What are the other things we should (apart from the obvious “we can afford two mortgages until the first home sold”)?

8 Thoughts on Request a second mortgage …?
  1. Reply
    goz1111
    February 6, 2011 at 3:52 am

    you need to take a sec, a review your income versus your liabilities at this point you have the expensive of a mortgage, insurance, taxes, utilities, lawn care, etc on a place that you have no income from nor in this market how long this expense will last,

    at this point under those facts, to then go ahead and take on at the same time aw-hole another group of expenses may not be the Best situation,

    at this point all your energy should be in how to sell your new place as soon as possible, in order to ride your self from all those expenses

  2. Reply
    Dzo
    February 6, 2011 at 3:53 am

    Hi,

    It doesn’t seem to be difficult in your case. Find a genuine lender who will do the needful for you. You can visit http://mortgage.creditmortgagepro.com for some valuable tips on mortgage. Good luck!

  3. Reply
    Chris A
    February 6, 2011 at 4:07 am

    There are plenty of programs to help you obtain a second mortgage, especially if the property you are going to buy is going to be your primary residence. I would however suggest refinancing your current house to an interest only loan with a longer term if possible to lower your payments. That will help with expenses until you sell your house. Depending on your credit score, you should have no problem.

  4. Reply
    Quicken Loans
    February 6, 2011 at 4:38 am

    Hi,

    Getting approved for another mortgage really depends on your financial situation. The bottom line is whether your income and assets and credit history, along with any equity in your current home are enough to qualify you for the mortgage you want. You’ll need to speak to a mortgage professional who can do a full analysis of your financial situation and they’ll let you know how much loan you qualify for.

    Usually, people in your situation get what is known as a bridge loan, that will cover the second mortgage until your first home sells. Again, any mortgage professional can give you more information about this.

    There is obviously quite a bit to consider that is unique to your situation, but one of the largest is home value.

    Hopefully your current home has gone up in value since you bought it. If so, you will be able to take any profit once it sells and put it toward your second home’s mortgage. However, if your home has decreased in value (all too common in some parts of the US right now) you may have to pay out-of-pocket when you sell. For example, if you bought your home for 200,000 and still had $ 180,000 left on the mortgage, but sold it for $ 160,000, you would have to make up the $ 20,000 difference.

    You’ll also have to consider selling costs of the current home (any cleaning and fix-up fees, realtor fees, taxes due, etc.). With the new home, you’ll have to consider: closing costs, down payments, taxes in the state you’re moving to, moving fees, etc.

    There is a lot of information to digest with owning two homes while moving, so I really suggest calling a mortgage expert. I’ve included a link to our home purchase page, but feel free to contact me through my profile if you have any questions.

    Good luck!

  5. Reply
    Monika Wilson
    February 6, 2011 at 5:29 am

    ERA Real Estate has a special program for cases like that, find an ERA Agent in either area and ask them to explain the seller security plan for Military personal to you. I am sure that will help you out.
    Monika
    or visit: http://www.era.com
    look for seller security plan and you can find an agent in you area to help you with it

  6. Reply
    hollywoodmelody
    February 6, 2011 at 6:26 am

    Be wary of “until the first house sells” because you need to put that in a Purchase Contract as a contingency.

    That is one place where it might cost you more to have two mortgages. Most people end up on the foreclosure side of things because they didn’t think through enough.

    Please beware also that since you are in the military, there are people out there who will take advantage of your situation unless you have relatives or someone in place to handle your affairs and the selling of your home. Do not just rely on an agent or Realtor because while you are gone they may not work as hard if there is no one to follow up with them

  7. Reply
    ed m
    February 6, 2011 at 7:03 am

    i am well aware how the military (a am retire AF) so i had my share of subordinates with money problem. i would be extra careful — might be better to wait until the first house is sold.

  8. Reply
    Shana N
    February 6, 2011 at 7:48 am

    There are loan programs that offer ‘bridge loans’ based on the market value of your current home. This allows you to finance the new home with one mortgage instead of two. There are military loan programs too. Your best approach is to call your financial lender and set up an appointment with the lending agency. They maybe able to help you on many levels make this move far more financially stable, easier, and less stressful.

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