Yes, you do 🙂 A lender is not able to finance any more than 95% of the value of a primary residence purchase. Even if the amount of the mortgage you are porting is equal to, or greater than the purchase price of the house you are buying, you’d need to pay that mortgage down […]
Articles Tagged: buying a house
What is a bridge loan? (aka bridge financing)
Imagine you are selling your house and you’ve bought a new place to live. You’ve made a nice profit on the sale of your house (WOOT!!) and you’re using that money to help purchase your new home. You want to move in to your new house before you have to move out of your old […]
Why do I qualify for less if I am taking a term shorter than 5 years?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]