When You Have to Move but You Have Not Sold Your Home
by Pat Olmert, First Financial Services and Barbara Gressens
The toughest part of moving waiting for someone to buy your home. But there are times when you cannot wait for your home to be sold and yo have to be at your new destination by a certain date. What are your options for finding a new place to live?
One option would be to rent at your new destination until your home has sold. The rental market and rental fees are on the rise from buyers waiting for their homes to be sold and from a previous group of home buyers who no longer qualify for a home purchase loan.
Another option is to use the equity in your current home to purchase your next home. When your home sells, you can use the proceeds from the sale to pay down the new home loan and alter the loan payment without refinancing your loan or paying expensive closing costs. This is called recasting your loan.
Pat Olmert, Loan Officer for First Financial Services, explains further:
What is a RECAST or REAMORTIZING feature? It is when a mortgage customer requests to apply a large principle only payment to their mortgage balance and reduce the amount of future monthly payments. This is important if you have equity in a home but are having difficulties selling the home and using that equity for the down payment. You may get as high as a 97% loan on the new home with the hopes of decreasing the loan balance and monthly payments when you ultimately sell your old house with this feature. NO need to refinance, which is especially nice if the rates have increased since the date of your closing.
How?
- The principle balance curtailment must be 10% of more of current outstanding principle balance
- Modifies the principle and interest portion of the payment, not the rate, maturity date or escrows
- A nominal fee of $250 to process
There are many programs available, which are rarely discussed in the media, to deal with your specific home purchase situation. We, at Buyers Advantage Group Realty, are committed to the best interests of our buyer clients by introducing them to professionals with proven track records of excellent service. Every client’s home purchase is unique and requires an agent with the experience and knowledge to deal with your specific home purchase requirements. As exclusive buyer agents, we specialize in one side of the home purchase transaction-the buyer side. If you are looking for an experienced real estate agency whose focus has always been the buyer, call Buyers Advantage Group Realty.
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