Hi, Guest
01-19-2006, 05:18 AM
I got approved for my mortage today, its a pretty big deal for me since I currently have a house and don't want to sell it. Yet I want another house and another mortgage.
The lender onside for the new home wanted me to break existing mortage, take more money out on it and then take a smaller mortage on the existing home, was turning into a big crapshoot since the breaking of mortage was probably going to be a big hastle and I would only be getting a 5.5% rate.
Now the Wife and I can rest easy knowing theres not going to be an issue, esp. since we already put down 10K.
Got approval keeping the existing home as an income (rent) and approved for 20K above purchase price on the new home at 4.8% for 5year.
Woot woot.... B)
The lender onside for the new home wanted me to break existing mortage, take more money out on it and then take a smaller mortage on the existing home, was turning into a big crapshoot since the breaking of mortage was probably going to be a big hastle and I would only be getting a 5.5% rate.
Now the Wife and I can rest easy knowing theres not going to be an issue, esp. since we already put down 10K.
Got approval keeping the existing home as an income (rent) and approved for 20K above purchase price on the new home at 4.8% for 5year.
Woot woot.... B)