Profile picture for juliesutter1

would we have a better chance of getting a loan if we sold the house we own now?

  • May 22 2010 - Lexington
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Answers (7)

yes. without a doubt
  • December 26 2010
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Actually all answers were correct, a good agent would know this information. 
  • September 17 2010
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I get this question more and more often... lenders will include your current mortgage payment in your current monthly debt obligations, and will not take into consideration rental income unless it is already being received.  My advice is get pre-approval, but the bank will cut back on the amount they'll loan you until that monthly obligation is releived.


  • September 17 2010
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Banks look at Credit scores, and then your debt to income ratios (the amount of debt you currently owe, and the income you make to be able to pay of those debts). Your ratios and credit score will have to make since with your lender for them to make the loan. They are in the business to make money!
  • September 17 2010
  • 0Yes

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Profile picture for SoCal Engr
That would depend.

  - Assumption is that you owe on the current house, is that correct? 
  - Are you in a positive equity position, or will you lose money?
  - If you're in negative equity, would you need to short-sell?

In general, selling (and getting rid of the monthly debt service) will help your DTIs and make it easier to qualify. But, it's a whole new game if you're upside down on your current house.
  • June 30 2010
  • 2Yes

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Definitely!
  • June 30 2010
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Yes, it is!
  • May 22 2010
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