Do you want to buy a home but afraid you won’t win it because you have to sell your house first?
Well, There’s loan options for you! It’s called “Recasting.”
Before we get into what recasting is, let’s talk about a contingent offer v. a non-contingent offer.
A contingent offer means that in order to qualify for your new home loan, you must sell your current house first and use that leftover money to put towards the new home. A non-contingent offer means you can afford the new home without selling your current home. A contingent offer is less attractive to a seller because they are afraid your house may not sell and your loan falls through. No need to fear, you can recast your loan!
If you can qualify with your current mortgage payment & new mortgage payment you can put as little as 5% downpayment on the new house. Once you sell your home you can put down the equity in the home towards your new home’s mortgage payment to lower your payment, drop mortgage insurance and keep the same interest rate!
Remember you have options! You just need to contact me and I’ll put you in touch with a qualified lender to assist you! Happy house hunting!
