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Old 08-24-2009, 01:16 PM
bay bay started this thread
425 posts, read 2,853,729 times
Reputation: 176


We are in the middle of applying loan for new purchase house. The loan was not approve due the condition of the house. Seller has agreed to fix it but the closing date will be delay to Oct. Mortgage company also agrees that once the issue has been fixed, they will issue commitement letter right away.

Currently we live in the condo and have 7 year ARM till 2012. We want to rent it out after we move so that we consider to do refinancing to lower the monthly payment. I am worried if we will have issue as we claim both new purchase house and the condo for primary residence. The loan broker for refinancing said it can be closed before the new purchase so that we will not have any problem as the condo IS our primary residence on the date of closing. Is it right?
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