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Answers (2)
- mgb1026
- Contributions:27
James,
Thanks for answering. The average rent would cover the mortgage and maintenance fee.
A good friend of mine ( who works in lender company) did the numbers for me and stated that the current mortgage of the condo and the a new home would fall within the parameters. I would need to find a home at about 350-360K and the taxes no more than 6500 per year. With that we would be able to buy a home and keep the condo.
definitely would want to rent the condo before we even go looking for a new home. In the meantime if we rent the condo, We would probably stay at my in laws for (I hope) 2-3 months.
Thats
Thats the plan
Thanks for answering. The average rent would cover the mortgage and maintenance fee.
A good friend of mine ( who works in lender company) did the numbers for me and stated that the current mortgage of the condo and the a new home would fall within the parameters. I would need to find a home at about 350-360K and the taxes no more than 6500 per year. With that we would be able to buy a home and keep the condo.
definitely would want to rent the condo before we even go looking for a new home. In the meantime if we rent the condo, We would probably stay at my in laws for (I hope) 2-3 months.
Thats
Thats the plan
- James L Steccato, "jsteccato"
- Contributions:60
mgb1026,
Thats a mouthful,
Sounds like youre getting a good deal on your refi thats great news.
Do the average rents in your complex cover your new monthly payment including maintenance fees?
Your credit score is good and your yearly income too.
Does your debt to income ratio exceed 41% with both motgages and your other existing debt?
You may need to get it rented out before you buy.
Theres alot to cover here it would be much better speaking to you in person.
Stay away from the arms go 30 year conv.
Rates have just jumped to 5.75% in the last two days youve lost quite a bit of buying power.
Seller may negotiate a lower price but it will be up to the agent you chose to tell you whether or not the house is priced right.You may have to put in an agressive offer.That is not uncommon right now there are multiple offers and bidding wars in my market.
You need to sit with an agent and develop a relationship and trust so that you feel comfortable as to how they advise you to price your offer.
Closing cost can be rolled into a sellers concession.They will not outright offer to pay your closing costs unless it is noted in the listing.
If you go the seller concession route then the cost will be rolled into your mortgage amount.
In this situation be careful of adding the concession and bumping the price above a price the home will appraise for.
Id be happy to spend more time answering your questions and strategising with you. Feel free to click on my name and give me a call on my cell.
Best Wishes
Thats a mouthful,
Sounds like youre getting a good deal on your refi thats great news.
Do the average rents in your complex cover your new monthly payment including maintenance fees?
Your credit score is good and your yearly income too.
Does your debt to income ratio exceed 41% with both motgages and your other existing debt?
You may need to get it rented out before you buy.
Theres alot to cover here it would be much better speaking to you in person.
Stay away from the arms go 30 year conv.
Rates have just jumped to 5.75% in the last two days youve lost quite a bit of buying power.
Seller may negotiate a lower price but it will be up to the agent you chose to tell you whether or not the house is priced right.You may have to put in an agressive offer.That is not uncommon right now there are multiple offers and bidding wars in my market.
You need to sit with an agent and develop a relationship and trust so that you feel comfortable as to how they advise you to price your offer.
Closing cost can be rolled into a sellers concession.They will not outright offer to pay your closing costs unless it is noted in the listing.
If you go the seller concession route then the cost will be rolled into your mortgage amount.
In this situation be careful of adding the concession and bumping the price above a price the home will appraise for.
Id be happy to spend more time answering your questions and strategising with you. Feel free to click on my name and give me a call on my cell.
Best Wishes
Want to buy a home within the next few months.......
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