Profile picture for haveaniceday2009

Mortgage loan

I own a home but I'm going to sell and then buy another one.  I was wondering how loan process works.  In other words, I'm not sure how loan process works during the time of selling my home and buying another one.  I don't think that I can be approved two different loans at same time.

Could you explain me how loan works in my situation?

Thank you in advance!!

S.J.
  • May 02 2009 - University City North
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Answers (4)

Best Answer

Haveaniceday2009,
You mentioned you don't think you can get approved carrying both loans so that means your DTI will be too high.  Then, in order to get approved for the new loan, you have to have a sales contract on the one you are going to sell and closing has to happen prior to your purchase settlement.  It can be the same day and only hours apart.  Taking out a bridge loan assumes you have enough equity to do it.  But, it will be rather expensive in terms of fees and closing costs and sounds like it just isn't needed.


Sheri,
Many Realtors come on ZMM without really understanding the rules because there are really no rules about self-promotion on other websites.  On ZMM there is and self-promotion is called spamming.  Simply put, you cannot as the OP to call you so you can refer him or her to someone else.
Though you didn't ask the OP to call, you wanted contact so you can give him to a lender or Realtor.  Just trying to help you out.

  • May 02 2009
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below you will find a link to a presentation for home buyers;

Home Buyers Guide an Informational Guide

  • April 01 2010
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Focus on selling your current home first.  While your home is showing for sale, look for other home.  You've got to get a feel for the activity on your current home.  In the best situation your current home will close the same day that your complete purchase of you new home.  What you want to plan in the worst situation is you close on your current home, rent a temporary place to live for 6 months, and close on a new home in that time. Mope that helps in planning. MT
  • May 02 2009
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Profile picture for SheriMoritz
You will be pre approved for a loan contingent upon the sale and closing of your current home.  The closing can happen in the same day.  If you have enough income you may qualify for a bridge loan allowing you to have both loans short term.  If you need a referral to a lender or real estate agent to speak with in your area I would be happy to have one contact you.
  • May 02 2009
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