Buying one house while trying to sell another - does it hurt your credit?
473602
My husband and I run a mortgage branch in Temecula, CA.  The answer to your question is that you would need to get pre-qualified again to buy the new home.  If you are earning enough money you could, in order to prequalify, retain your existing home whilst buying the new one.  If not, you would need to make the purchase of the new home dependant upon selling the existing one.  In terms of hurting your credit, well a new mortgage account usually knocks it slightly, but generally over a few months having 2 mortgages is good for your credit rather than detrimental. And having an existing mortgage account which you have been paying every month is a good thing for the new lender, not a bad thing. It is always good to have open credit which you are using and paying as agreed.\nIf you need help in either CA, WA, OR, FL or AZ please call us and we will help.  951 302 6586 or toll free 866 606 8707.
576803
Yes.  If you must purchase a new car, put it off until after you have signed your mortgage and purchased the house--- not just the preapproval process. If you need the car now, then you may consider waiting a bit before buying the home. Any new debt--- even a credit card that you never actually purchase anything with--- causes your credit to go down a bit; it comes back up with a couple of months of regular payment history but that 20 point difference can make a huge impact on your mortgage terms. Also many big purchases in a short time will make your credit look like you may be on your way to overextended. Lenders, especially mortgage lenders, like to see a history of carrying that amount of debt and when the size of the debt changes dramatically, you no longer have any history of being able to pay.
1114731
You can.  I know people who have done it.  In some very rare times you can even recieve a check when you buy a home.  It is possible but not always easy.  Each market is different and each seller is too.
376395
Yes, I beleive that this is called 'Deed in lieu' to foreclosure.\n\nYou do not want the bank to foreclose, because that will kill your credit.  Why not just sell the property and walk away...
152441
NO......I WOULD STRONGLY SUGGEST THAT YOU SELL THE HOUSE..\nBECAUSE THEN YOU ARE GOING TO BE STUCK WITH 2 PAYMENTS... THE ONE FROM WHERE YOU BOUGHT THE HOUSE...AND THE 2ND LOAN YOU TAKE OUT...\n\nWHATS GOING TO HAPPENED WHEN YOUR MONEY RUNS OUT...FOR PAYING THE HOME YOU PURCHASED....??\n\nYOU WILL BE STUCK WITH 2 PAYMENTS.
1136726
See if there is someone else you can pair up with who has better credit and/or can help w/ down payment. (e.g. significant other, parent, family member)  This would help reduce interest rates which will prob be very high w/ poor credit.
1119761
My dad discovered some small print a few years back where they couldn't charge the redemption fee if you're remortgaging with the same company (not sure if it applies to all companies however) - it pays to read the terms and conditions very thoroughly for any loopholes there are because these firms never advertise anything that will lose them money... it may even take 3 or 4 nuisance phone calls to make them change their minds.. persistence is the key!  Keep complaining and you'll get anything just so they can get rid of you!
916280
This will show up as a Foreclosure and ruin your credit. \n\nIt will be very hard for you to purchase a new home in your new state, not impossible but very very hard. You'll be looking at an interest rate of 9.5% on up. \n\nMost lenders won't finance with a Foreclosure on your credit report. I would suggest a REFI w/ Foreclosure Buyout.
875032
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
116895
Yes.  A second mortgage note can be used as a down payment.  As a matter of fact, anything of value can be used as a down payment as long as both parties agree.  A lot depends on the seller of the home you are buying.  If it is an individual that can sell with owner financing they may be flexible enough to take part of the down payment in cash and the other as a note.  Be sure to check with local real estate laws in your state.  Each state is different.  Get a good real estate attorney to represent your interest and draw up the papers.  You should be fine.
900138
No not form some time.\nAs a seller you need to figures out what you can sell for and God help you if you just got the house in the last three years or have a equity line of credit, you will be up side down.\n\nIf you have some equity do be greedy the longer you wait the less you will make. \n \nThe reason for this is that the bubble is breaking checl out this web site and see why has happen and why you may get screwed.\n\nBest of luck.\nhttp://www.breakingbubble.com/index.htm
1072822
Check your Note for the 2nd mortgage you're trying to refinance carefully.  Many 2nds have prepayment penalties!!!!  That would make any changes probably not worth it, as they're usually somewhere around 6 months worth of interest in the first year.\n\nI would say, if you qualified for the first and 2nd to begin with you could probably qualify again, but I'm assuming your financial information has changed in the month since you purchased and this may not be the case.\n\nDid you purchase the house for under appraised value?  It would be extremely rare for a house to appreciate in the first month, although some areas of the country are moving up quite fast.\n\nI don't know if there is any good answer.  The best thing you can do is go back to  your original loan agent and ask.  It can never hurt and they're always willing to try to make things work and make their commissions!
189058
This sounds a little more like a real estate question... so I'll answer this way...\n\nA seller's credit is money given back to you at closing to be paid towards your closing costs and prepaid items.\n\nWhen purchasing a home you total costs including financing can start a 4000 and go higher from there.  A seller credit allows you to come to the closing with a few less dollars.\n\nIt is structured by agreeing on a sale price, then raising the sale price by the amount of the credit.  The contract will note the amount of the credit.  \n\nThe credit cannot exceed 6% of the purchase price if the LTV is 80% or less or 3% of the purcase price if LTV is 80% or higher.  The total sellers credit can not exceed the combined amount of prepaids and closing costs.\n\nHope this helps...
1103519
It depends on the company who will be loaning you the money and how the process it. They might have you try to clean up the bad credit a little before they approve you. Thats what happend to me. My credit had some bad things on it and I had to fix them before we got approved. Your credit doesnt have to go back to perfect but you have to prove that you paid back your old debt. Otherwise the person with good credit might have to be the one who takes out the loan for the house without putting the other person on it.
1039619
I am not a one of those that think you should place a lot  of money if any down on a home. All interest is tax deductable over the course of the loan no matter how large or how small, the interest is.\n\nYour credit score will determine if you are qualified to purchase a home with little or no money down. The higher your credit score the less you have to put down and if you are at the level of having to put no money down all and good.\n\nThe only way that you can find out if you are qualified for a loan is to find a mortgage "Broker" take one month of each of your pay stubs, 6 months bank statements from each bank account. W-2 form for 2 year and fed income tax for 2 years for each of you,as well as  6 months statements from any 401k program the both of you might have from your employers. Take your drivers lic and social cards or at least a copy of each.\n\nNow you will have lots of paper work to complete, but he will assist you. Not to worry you will get through it in fine fashion.\n\nThis mortgage "Broker" will get a credit report for the both of you , after which he will be able to tell you what type mortgage you are gualified for. He will be able to tell you if you are qualified for a 100% loan or not. He will also be able to tell you how much home you can afford based on the amount of money you guys earn each month and the amount you guys pay out eacch month.\n\nThe important thing for you to concern yourself if to get into a home with little or no money. The interest rate is important, but don't let it be a deterrent  from you purchasing a home. Because your brother or friend got one rate does not mean you are going to get the same rate. Each person's credit is different and each person's credit score is different so don't expect the same loan.\nJust remember all the interest you pay on your loan is tax deductable.\n\nOnce you have been pre-approved by your "Broker" he will fined a real estate person he has worked with and has a professional realtionship with to assist you in finding you a home. \n\nOnce you have found a home, the real estate person will then get you a purchase contract, an appraisal for the property,  have your mortgage "Broker" open an escrow or closing agent for you. He will give all the paper work to your mortgage broker who will take another 10-14 business days to complete your mortgage.\n\nWhen you go to your closing be prepared to sign lots of documents and other items that are required by the federal, state and local governments.\n\nNow that I have told you how to go about getting a home for the both of you, do you plan to get married before you purchase the home or after.  \n\nMy advice is to purchase the house after the marriage. I have seen so many purchase a house before marriage. After they purchase the house something happen and a breakup occurs. There are lots of legal things in the air, especially the house and who gets it. One say they paid the most on the mortgage and want to give the other a few $1000,00 for them to move.\n\nI know that you didn't ask but I wanted to pass on some experience and knowledge I have gained over the years.\n\nI suggest you check with your tax advisor on your tax situation and other tax questions you might have.\n\nI hope this has been of some use to you, good luck.\n\n\n"FIGHT ON"
484349
If your husband has a steady job and your previous credit is fairly good, then you might want to try one of the credit companies like Capitol One for instance or HBC.  The interest rates are huge but they can usually find a way to put all the different debts together and spread it out over 25 more years to keep the payments low.  This was an option I took a a number of years ago during a renovation that went bad. Hopefully you can sell the house when completed if the amount you sell the house for is more than the debt and start fresh, getting rid of the high interest debt. It sucks to sell what you have worked so hard for but it is just a house.  The credit companies will sometimes let you pay the total debt without penalty if you sell the home and then you haven't paid much high interest anyways.  I understand the devastation and hopelessness of being in what seems to feel like an out of control situation.  You have to believe that life can get better just as quick as it went wrong.  If your only option is bankruptcy, so be it,  do what you have to do to make a stable home for your kids.  Just take control of the situation, get a few opinions and start sleeping again.  Banks run like sissies when you need help yet they are the first in line to bankrupt you in the first place.  There are reputable companies around to help people like yourselves in this tight spot.
90552
Yes it can..Shopping for a mortage can lead to a lower score.  The more inquires you have then credotors thjink that you are "hungry" for credit.   You can shop around but do so with already you sacore already in mind.  Check your credit BEFORE you go mortage shopping.  Saves alot of time and effort on your part.  DO your homework before you jump in.  It can save you thousands in closing costs, points, and rates.