-
BUYING NEW HOME WITH SALE OF MY EXISTING HOUSE
CASE SCENARIO: I am selling my home and my proceeds from the sale of my home will be about $60,000 to $70,000 an my next home. My goal is to lower my mortgage payments. Can Gustan Cho Associates help me get approved for a home loan with a large down payment on a descent house with lower monthly payments?
-
1 Reply
-
If you use the money from selling your current home as a larger down payment on your next one, you can save a lot on future mortgage payments.
If you expect to have $60,000 to $70,000 after selling, Gustan Cho Associates can help you make the most of this money with these options:
– Make a larger down payment to lower the principal on your new loan
– Use the sale proceeds to pay for closing costs and prepaid expenses
– Set aside some of the sale proceeds to meet required cash reserves
– Use the sale proceeds to buy a less expensive home, which can lower your monthly paymentHow affordable your new home and mortgage will be depended on your income, credit, debts, job status, purchase price, and the proceeds from your sale. Getting pre-approved for a mortgage early can make planning your sale and next purchase much easier.
If you need to sell your current home before buying a new one, Gustan Cho Associates can apply for your mortgage with a home-sale contingency or look at other options based on your expected closing date. After the sale, the lender will record the money you made from the sale in the Home Purchase Transaction using a Closing Disclosure.
To keep your monthly payment affordable, you can choose a smaller loan, make a larger down payment, or buy a less expensive home. Your interest rate, property taxes, homeowners’ insurance, and mortgage insurance also affect your costs. Gustan Cho Associates will explain your total monthly payment and help you find a price that fits your budget before you make an offer.
Gustan Cho Associates will review your situation, from your expected sale proceeds to your ideal monthly payment and recommend the loan option that fits your next home purchase best.
Selling Your Home » Gustan Cho Associates
gustancho.com
Selling Your Home » Gustan Cho Associates
The housing market is booming. Sellers can get top dollar for their homes by following our tips and advice on selling your home from the guides below:
Log in to reply.