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Home Buying Scenario while renting current house
Posted on 6/21/12 at 8:17 am
Posted on 6/21/12 at 8:17 am
Currently my wife and I are looking to upgrade to a larger home and would like to pull the equity out of our house for a down payment on a new home. We would like to keep our current home and rent it out as it would bring in probably $500-600 per month more than our current note. How should I go about doing this?
2
Posted on 6/21/12 at 8:24 am to nrtiger
So you are saying remortgage your house for the full amount and then use that money to buy another home?
Posted on 6/21/12 at 8:37 am to reb13
No I want to pull the equity out of my current house, about $115,000 and put it towards a down payment on a new home. I would then rent my current house.
Posted on 6/21/12 at 8:40 am to nrtiger
quote:
No I want to pull the equity out of my current house, about $115,000 and put it towards a down payment on a new home. I would then rent my current house.
The only ways to get the cash necessary to put a down payment would be to 1) mortgage the house up to FV or 2) Sell the house.
Posted on 6/21/12 at 8:41 am to nrtiger
home equity loan
Posted on 6/21/12 at 8:50 am to yellowfin
So, is this a sign that the mid 2000's housing insanity is back on?
Let us know if you can get approved for a 103% 5 year ARM with a pick your payment option.
Let us know if you can get approved for a 103% 5 year ARM with a pick your payment option.
Posted on 6/21/12 at 9:29 am to nrtiger
you could prob get a 50k heloc, leave it in your bank acct for 60+ days, then use it for your down payment
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