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.

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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!

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,

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


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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

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Click here to add your own comment.

You can also ask Kate about your mortgage at Ask Kate About Buying a House.

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