Buying A House Selling Your House

by Mandi from Boston, Massachusetts, USA

Regarding Buying A House Selling Your House: I have a question about buying a house and especially about selling one. I recently got married to a man who already owns a house. The house doesn't really feel like mine though. For a variety of other reasons like space requirements and so on we are thinking about selling the current house and buying another one.

How do current mortgage markets and housing markets affect a decision like mine? On the one hand, I would expect that we would be able to buy a house for cheaper than it would normally go for as houses are on sale.

On the other hand, our existing house would probably sell for less than we bought it for and we would take a loss. I think we would also have to pay down our old mortgage and get a new home loan for the new house, and I am worried about the availability of credit.

All of the uncertainty has really gotten me stressed out about this. I'd love to buy a new house with my husband but I don't know if now is the time. Any advice you can give me would be very much appreciated!


**Super Kate Tip: Why settle for less than perfect credit?
Consult the Experts to Clean Up Your Credit Report.**



Kate Answers: Buying A House Selling Your House

Dear Mandi, I think you describe the dilemma being experienced by many homeowners and home buyers in the current mortgage market and housing market.

In addition to the links you see below which point to articles regarding selling your house, buying a house and improving credit, here is a letter addressed to another reader like you with 7 Tips For Highest Property Appraisals.

I'm glad you asked these questions. We would all benefit if you keep us up to date on your progress. Please come back and leave comments as you are able.

Of course, all of my information is free. Remember to add Get Your Best Mortgage Rate to your favorites and visit it often.

Congratulations also on your new marriage. I wish you all the best.

Sincerely,

Ask Kate
Kate Ford




How To Build, Strengthen and Recover YOUR Credit

"Can I do a Mortgage Loan Modification myself?" The answer is yes. But find out the first question you really should be asking.

Quick Facts on Credit History and Credit Scoring - How To Contact Major Credit Reporting Agencies

Improve Credit Rating - Calculate how much you save with improved credit.

Six ways to fix your credit score. Have you seen your credit score? Your lender has and it can determine your interest rate. Get your Free Credit Score! online in seconds. Do it now!

Last year, Wilson improved his credit. This year, Wilson discovered protecting his identity takes more than credit report monitoring. Take control of your life by protecting your identity.

Don't suffer the consequences of somebody else's behavior. This is Not Your Mother's ID Theft Program. Protect yourself now with LifeLock.

Ten step plan to getting your credit in shape - Fixing Bad Credit

Refinancing With Bad Credit - How to avoid a future filled with credit problems

Saving your home - 8 Strategies To Stop Mortgage Foreclosure

Ask Kate About Credit - Ask a question to get an answer from Kate.

Credit Rating Q and A - Find questions and answers relating to credit improvement, true life stories about mortgage credit, and credit repair information.



P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.


**Super Kate Tip: Know your credit score!
Free Credit Score - See yours at CreditReport.com!**




The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Comments for
Buying A House Selling Your House

Click here to add your own comments

Letter of Explanation
by: Anonymous

I am a 65 year old who is getting ready to buy a second home. All of my paperwork has been approved and a signing date had been scheduled but now it is being delayed because the mortgage company is asking me to write a letter explaining why I wish to buy a second house and what my plans are for my present home which is all ready paid off. Is this legal?

Kate answers:
You've heard of the saying, He who has the gold makes the rules. I'm thinking it applies here. While this is not an unusual request for a letter of explanation, it should have been requested early on in your mortgage transaction.

The lender is most likely wanting to make sure you are not buying a rental property which does not receive as favorable terms as a vacation or second home purchase.

Thanks for your contribution. I hope you'll come back and visit often. Help me spread the word. Please share my website with your friends. Remember, all of my information is free!

Let me know if you have more questions. Sincerely, Kate Ford

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Click here to add your own comments

Join in and write your own page! It's easy to do. How?
Simply click here to return to Ask Kate About Buying A House

Do-It-Yourself Loan Modification

$1000 or $39.99 - Which is right for YOU?

Not sure? Answer these 5 questions to find out.

The Freedom You Want Is Waiting For You

Come join us. Let's do this together.

There is a successful entrepreneur in all of us. Unlock Yours here.

Subscribe to Kate's
FOCUS ON FINANCE

Free News!
Free Stories!
Free Reviews!

Email

First Name

Then

I keep your email private.

How I Make Money

I finally came to grips with closing my mortgage company.

But I still wanted and needed to make money!

This is my story.

UNIQUE Mortgage Tips and Solutions From Kate

Discover Kate's Best Mortgage Blog today. Keep up to date on what's new about mortgages and additional tips to unlocking the secret code of mortgage lending.

Where to find your best best mortgage advice or not!

What to do if your mortgage loan approval begins to hiccup.

How much can you afford in a mortgage payment and why your lender doesn't know.

Eliminate guess work and last minute surprises from buying a home with mortgage pre approval.

Discover how to compare mortgage closing costs to get the best rates for the least cost.

Why you should always compare mortgage interest rates - Because the lowest rate may not be your best deal.

How to know when to lock mortgage rates - You deserve reliability and peace of mind, don't you?

This expert online mortgage advice is guaranteed to make you a savvy mortgage shopper.

Nitty gritty mortgage interest rate lock agreements and why you also need a good faith estimate.

Ask Kate For Solutions - Ask a question to get an answer from Kate.