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Old 08-18-2012, 03:29 PM
 
38 posts, read 423,331 times
Reputation: 33

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I am currently in the process of selling my house. I have a new house that I want to build, however I do not have the money to make the down payment at the time.

I was thinking about taking out a small loan to pay the deposit, and then when my current house sells, use the profit to pay off the loan.

I was also told that if I were to get a loan/mortage for the new house, it might be harder for me since it would have to be a mortgage for a second home (like a vacation home).

Can anyo9ne help me or give some advice as to what is my best approach to make this as easy as possible?
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Old 08-19-2012, 05:29 PM
 
51 posts, read 148,698 times
Reputation: 20
Quote:
Originally Posted by russ0105 View Post
I am currently in the process of selling my house. I have a new house that I want to build, however I do not have the money to make the down payment at the time.

I was thinking about taking out a small loan to pay the deposit, and then when my current house sells, use the profit to pay off the loan.

I was also told that if I were to get a loan/mortage for the new house, it might be harder for me since it would have to be a mortgage for a second home (like a vacation home).

Can anyo9ne help me or give some advice as to what is my best approach to make this as easy as possible?

It always amazes me the lengths at which THE MASSES (people like you) will go through to get FREE MONEY. People do all these SCHEMES to GET LOANS (free money). You wont sell 'your' house, and the bank wont give you another loan - you're stuck - pay your debt and learn from it. dont be delusional
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Old 08-19-2012, 07:10 PM
 
28,455 posts, read 84,921,999 times
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I won't comment on those who have hang up against mortgages / borrowing, it is pointless.

It is a terrible idea to attempt to purchase a new home before your existing home sells. You can generally schedule closings and possession to allow for a way not to move twice.

Any "temporary loans" you take out will reduce the amount you can borrow.
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Old 08-19-2012, 09:06 PM
 
51 posts, read 148,698 times
Reputation: 20
ye, who borrows must pay it back
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Old 08-20-2012, 02:36 PM
 
577 posts, read 998,571 times
Reputation: 629
Agree with chet, I think you are being too impatient with this and it will cause you to lose money in your impatience and make bad decisions along the way that could lead to larger financial problems. Better to take this leverage one step at a time.
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Old 08-21-2012, 12:47 AM
 
38 posts, read 423,331 times
Reputation: 33
Quote:
Originally Posted by Rolling_Rock View Post
It always amazes me the lengths at which THE MASSES (people like you) will go through to get FREE MONEY. People do all these SCHEMES to GET LOANS (free money). You wont sell 'your' house, and the bank wont give you another loan - you're stuck - pay your debt and learn from it. dont be delusional
It's funny, I'm seeking advice, and I'm told I'm a scamer! I work my butt off to provide for my family, while idiots like you call me a scamer.

I hope you don't have kids, because they will come to you asking advice you'll probably throw them out with the trash!

THANK you everyone else who has provided me with advice and other options!
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Old 08-21-2012, 07:21 AM
 
4,006 posts, read 6,007,474 times
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I'm in a similar situation.....own a house but relocating for a job and will buy a new house in new location.
Obviously I don't want to carry 2 mortgages but I also don't want to move/rent/buy/move again.

Thanks for the replies (Rock, please don't bother).
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Old 08-21-2012, 07:48 AM
 
3,599 posts, read 6,758,978 times
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Quote:
Originally Posted by lenniel View Post
I'm in a similar situation.....own a house but relocating for a job and will buy a new house in new location.
Obviously I don't want to carry 2 mortgages but I also don't want to move/rent/buy/move again.

Thanks for the replies (Rock, please don't bother).
Honestly, I just don't get this "moving twice" mentality people have. Maybe it they have 2-3 dogs/pets. There is absolutely nothing wrong with living in temp corp housing (usually 2000-3000 a month 2 bedroom apartment) for a few months until you sell your home and buy another home. You aren't "throwing money away". You are buying peace of mind (in terms of stress of carrying 2 mortgages).

You move, put the majority of your belongings in storage for $300-500 a month. Than movers will put your belongings in your new home when you are ready to move permanately.

It's way more stressful carrying 2 mortgages than to live temporarily (with financial peace of mind) in temp housing.
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Old 08-21-2012, 07:48 AM
 
Location: Southern New Hampshire
10,009 posts, read 17,914,801 times
Reputation: 35685
The only way I could buy my current house was to get a SIGNED LEASE from tenants who would rent my former house. OP, since you are selling your current house, this doesn't sound like an option for you.

How are house sales in your area? Are you likely to sell your current house quickly?

IF you find buyers who don't need to move in right away, they may be willing to lease back to you for a few months (i.e., they buy your current house but let you live there for a few weeks or months). Of course not all buyers would be willing to do this. AND if you will be building a new house, sounds like you will have to pay 2 house payments (or rent & 1 house payment on the new mortgage) for awhile anyway. Can you qualify for a new mortgage if the lender counts 2 house payments?
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Old 08-21-2012, 05:17 PM
 
38 posts, read 423,331 times
Reputation: 33
Quote:
Originally Posted by karen_in_nh_2012 View Post
The only way I could buy my current house was to get a SIGNED LEASE from tenants who would rent my former house. OP, since you are selling your current house, this doesn't sound like an option for you.

How are house sales in your area? Are you likely to sell your current house quickly?

IF you find buyers who don't need to move in right away, they may be willing to lease back to you for a few months (i.e., they buy your current house but let you live there for a few weeks or months). Of course not all buyers would be willing to do this. AND if you will be building a new house, sounds like you will have to pay 2 house payments (or rent & 1 house payment on the new mortgage) for awhile anyway. Can you qualify for a new mortgage if the lender counts 2 house payments?
I figure once we get out, it should be 1-2 months before our house sells. The new house we want will have to be built, so that will take more time before we can move into it. And I would most likely be staying with some friends once I get to the new city. (paying them back eventually)

I just want to try to get my new house started on being built so that my time staying with my friends isn't that long!
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