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tiffin8013 | Mortgage and home buying advice needed!? |
Just wondering if someone could help with a couple of queries. My boyfriend and I are looking to buy our first home together. He already has his own house which we are selling. We want to change mortgage provider because he isn't happy with his current lender. Does he have to inform them that he is putting his house on the market and if so, when? Secondly, can you put an offer in on a house before you have definitely secured a mortgage or does this have to be done first?
Thanks! |
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Mr. Knowitall
 |
You do not have to inform your current lender when you list your property for sale.
You can sometimes put in an offer on a house before securing mortgage financing, but I would not recommend it. It's best to know what you're pre-approved for before putting in an offer, and these days most sellers are requiring a pre-approval letter to be submitted with the offer. |
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shant
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Get valuable tips on mortgage from http://moneymentor.cashmatter.info . It's a very useful website. |
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thinking-guru
|
No he doesn't have to tell his lender - they will be paid off from the sale of his home.
You can put in an offer but it is unwise to do so without an approval on financing. If your offer is accepted the seller agrees to take the home off the market and deal only with you. If your financing falls thru, the seller has wasted their time (and so have the realtors), and possibly lost other prospective buyers. You could be sued for "specific performance" and you may lose your earnest money deposit.
It is much, much better to get the approval on financing prior to making offers. At least you are bargaining in "good faith" with the seller. |
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sarah W
|
you need a mortage, or you could make the offer contingent on his house selling. but really its just easier to have a mortage when you go in to make an offer. |
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venicefloridarealtor
|
Wow. So much to respond to - let's start with the easy answers.
1. You don't have to tell the lender you are selling your home. They will be notified when it sells for the payoff information.
2. You can use whatever lender you like.
3. You can put an offer in on a new house before you have secured a mortgage, but that would be unwise. Most sellers will require proof of a committed lender before they take thier house off the market anyway.
The first step for any homebuyer that will require a loan is to GET A WRITTEN COMMITMENT from a lender so you know for sure what you can spend - and so the lender can not back out when you do actually find a house to buy. You don't want to sign a contract to buy something you can't afford.
You can certainly shop your loan to several lenders, but then pick one you trust to guide you through this process. Watch out for shady practices or deals that seem too good to be true - follow your nose!
If you are working with a realtor, that agent will help you through the process, too. At no charge to you.
So, first, find a lender willing to put a commitment in writing for you, with a loan plan that makes sense in the long term (not the short term).
Then, put your boyfriend's house up for sale and try to sell it before you make an offer to buy another - unless you can afford to be making payments on 2 houses.
Finally, give some very serious consideration to buying a property with someone who is not married to you. There are all kinds of legal issues involved, primarily what happens if and when you break up? I would suggest you work with a lawyer on this at the beginning, and save your self some grief on this at the end.
Good luck and best wishes. |
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Alterfemego
 |
First, no he doesn't have to tell his current mortgage company that he is selling.
Second it isn't wise to put in an offer on a home if you have not been pre approved by a lender. Most sellers won't take your offer seriously if you don't have a pre-qualifing letter from a lender. So shop around. Please don't use an internet mortgage company, use a local company that you can talk with face to face. good luck! |
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mbrcatz
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No, he does not have to tell them he's got his house on the market.
Yes, you can put an offer in before you've been approved for a mortgage. If you're in a "hot" market, though, the seller might accept a lower offer for a pre-approved person first. |
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ted f
 |
go to directlendingplanet.com they will answer your questions directly
you can ask any question and get a stratght answer
www.directlendingplanet.com go to contact us and post your question and theyll get back within and hour in most cases |
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