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As the title goes, we're looking to buy a 5BD house in Holmdel, NJ.
We currently own a house in Payonne, NJ.
Monthly payment on the Mortgage (15-year fixed) plus the hellish property Tax for the terrible school in Payonne is around $2400.
The current market value of the house is around $300k , and mortgage balance is $180k.
The house's property value didn't raise at all in the last several years, but tax raises every year, now it's over 3% of the property value and reached 10k... Good job Payonne.
We're looking to buy a 5BD house in Holmdel, NJ. Budget is around 700k ~ which means 140k as downplay with a 560K from mortgage = ~ $2600 monthly payment on a 30-year fixed mortgage.
We've saved enough savings (~200k) to cover the downplay and other closing costs. Hence we want to buy the new house first then sell the Payonne house.
But my good broker told me it's unlikely for me to be qualify for a 560K mortgage with the existing mortgage on my current Payonne house (wife doesn't have income)... My gross annual income is about $150k, without the mortgage on the Payonne house I'd be qualify for the 560k mortgage.
I thought about sell first then buy. Which will result in my wife and my new-born child moving from current home to a short-term rental place (with our large furniture stored in some temporary storage ) then move from the rental place to the newly-bought house..... such a hassle....
I feel I'm stuck in Payonne, NJ....
So apart from sell first then rent then buy, is there other good method for us to move from Payonne to Holmdel, NJ ?
Have you spoken with a mortgage specialist? One that isn't a broker? Because it's like talking to a car salesman instead of a loan officer about how much of a loan you can get for a car.
Have you spoken with a mortgage specialist? One that isn't a broker? Because it's like talking to a car salesman instead of a loan officer about how much of a loan you can get for a car.
If your house in Payonne is under a binding Contract of Sale, the mortgage issuer for your new house will consider that when qualifying you. Your existing mortgage in Payonne will not be a factor in qualifying you for the mortgage in your new house if the bank is assured that the mortgage on the old house will be paid off.
Jaymoney gives good advice: Talk with a mortgage specialist or the lending officer at the bank.
If your house in Payonne is under a binding Contract of Sale, the mortgage issuer for your new house will consider that when qualifying you. Your existing mortgage in Payonne will not be a factor in qualifying you for the mortgage in your new house if the bank is assured that the mortgage on the old house will be paid off.
Jaymoney gives good advice: Talk with a mortgage specialist or the lending officer at the bank.
Thanks for your inputs!! I'll talk to a mortgage specialist tomorrow morning.
My local broker from Payonne suggests me sell first then buy, with the option of renting back the sold home for 1 month for shopping of the new house...
am I missing something here? what is with all the weird misspellings and nobody pointing it out? did I enter the twilight zone or something?
whats a 58D house? is that some kind of code for something?
No Twilight Zone, Captain!
We merely downplayed the significance of OP's language shortcomings in order to give meaningful replies. (Although one synonym of downplay is put down, agreed that it's a totally different application.)
Payonne is an interesting play-on-words for naming the town where OP currently owns a home — paying lots of money for questionable benefit, yes? Creative of OP!
As for 5BD... yes, it's code. Enlarge your screen resolution and try reading it again.
We merely downplayed the significance of OP's language shortcomings in order to give meaningful replies. (Although one synonym of downplay is put down, agreed that it's a totally different application.)
Payonne is an interesting play-on-words for naming the town where OP currently owns a home — paying lots of money for questionable benefit, yes? Creative of OP!
As for 5BD... yes, it's code. Enlarge your screen resolution and try reading it again.
Thanks MaverickDD
And yeah downp(L)ay was a typeo....
P(b)ayonne was intended.
I actually wrote my address as xxx St, Payonne, NJ 07002 at the left upper corner on the envelope when I was mailing the check for the raised 2015 Q3 Tax to the City Tax collector.
As the title goes, we're looking to buy a 5BD house in Holmdel, NJ.
We currently own a house in Payonne, NJ.
Monthly payment on the Mortgage (15-year fixed) plus the hellish property Tax for the terrible school in Payonne is around $2400.
So apart from sell first then rent then buy, is there other good method for us to move from Payonne to Holmdel, NJ ?
Unless people are beating down your door to buy your house, then yes you have to sell first.
am I missing something here? what is with all the weird misspellings and nobody pointing it out? did I enter the twilight zone or something?
whats a 58D house? is that some kind of code for something?
Hi Captain,
Wish the replies from MaverickDD and myself answer your questions regarding The Twilight Zone
I found your replies being quite helpful through out all the threads regarding Holmdel, NJ. (Yeah I did a forum search on Holmdel, NJ and read all the threads since 2008...)
May I ask your advice on if it's a good time to buy at Holmdel at the moment -- do you think it's a sellers market @ Holmdel right now ? (shall we wait till Winter... which usually cools down housing market a bit , or next year)
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BTW, We choose Holmdel as our potential home town due to:
1. Nice city planning (NO street parking allowed !!!!!! Won't have to deal with all the random cars partially blocking our damn tiny driveway anymore. )
2. Great schools (No doubt)
3. Reasonable property tax: We were surprised to learn a 550K house with 9600sqft lot at Holmdel has LESS property tax (by a couple hundred) as our 300k home with 3000sqflt lot in Payonne...
4. Acceptable commute: You have midtown bus. Train. And ferry... Right now at Payonne we have the hellish light-rail -> Path commute that take 1.5 hour to get to midtown. And the light-rail gets super shady after 8PM, with kids from Greenville, NJ mugging iPhones on weekly basis...
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Last edited by kagamine; 08-04-2015 at 09:50 AM..
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