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I'm currently trying to sell my home, and will of course buy another as soon as I do. It looks like these rates won't return any time soon. Is it too early to get a loan lined up? What happens if I lock, but havent sold yet, and thus cant buy yet?
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First step will be getting pre approved.Discuss with your lender and see if you can qualify for both houses. At that point you can make an informed decision either to wait until your house sells or proceed with the purchase.There is no point locking if you have to sell your house before you can buy a new one.
Josh:I agree with Erez as well. I wouldn't worry so much about rates as long as you are able to sell and hopefully buy within next 6-12 months. Rates aren't going to spike so far up on the short term most likely. In fact there is talk of a dip in rates coming if things don't really start to improve. Good luck on your sale and make sure you come back to Zillow for a quote on the impending purchase.
That all depends if you can handle both payments meaning do you have the ability to acquire a property and retain the existing? If not look into reducing your rate on your existing and cashing out if oyu need to.
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