Faun
Diamond Member
- Nov 14, 2011
- 124,353
- 81,200
You should learn about pre-approval.So you're a landlord?
Nope. The house I own is being built and will be empty till the wife and I move into it when we retire, except for vacations. The house I live in I am renting as I will not live in it long enough to make any money off of it.
Okay, then it's established you are a first time home buyer given your military career. I'm a landlord, so those problems would be something I would not have to face if I sold this place. I would have a contractual stipulation that I could rent here for one year while I look for a new house to live in.
In any case, your mortgage is based on how much you take the loan for. Your payments would be much higher by taking out a loan for 200K than it would be for 100K. Sure, if you sold after you bought the new house, you can apply the equity to your new home, but that does not change the monthly mortgage unless you refinance, which is costly and a lot of paperwork. And by the time you do all that, the interest rates could increase.
So what people do to get the mortgage payment down is sell the old house first. I would rather have a mortgage payment of $800.00 than $1,500. So I would sell my home first because I could never afford a mortgage of $1,500 for X amount of years.
Does this make sense now?
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