I already have a house that is completely paid for. I also have another property that is also completely paid for. Now I haven’t sold my house yet, but I want to buy a new one right now. So what kind of loan can I get based on the amount of assets I have.
I have 320,000 dollars in assets. And the house I want only costs 170,000. But what kind of loan?
Generally, what is done in a situation like yours is called a ‘join loan’, which is a temporary loan for you to buy the new house until your present property is sold. Lenders normally require that both properties be used for collateral until the ‘for sale property’ is closing.
To obtain such a join loan, you will need to exhibit sufficient income to pay the monthly interest on the join loan, as well as qualifying via income level to make the mortgage payments on the new buy.
Contact a lender to inquire about such a loan agreement.