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Few questions for you mortgage saavy people

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Money Talk > Real Estate

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adamjohnson
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Few questions for you mortgage saavy people  Reply with quote  

Hi I just wanna say thanks in advance for any advice.
I will try to keep this short. I own a home that is valued at $500-530 K. I purchased it 6 years ago for $289K and have $246K remaining on my mortgage.
more: dự án sun 31 láng hạ
When I purchased my home I was working full-time and was making great income so approval was easy. 3 years after purchasing my home I went into business for myself.
I had to take out a home equity line of credit for $50k to get the business going and I have $35K owing on it.
My income now however is very low, under $40K last year so getting a mortgage approval will be impossible I gather.

My girlfriend who lives in her own home is working full-time and makes great income.
more: giá liền kề tasco
Bottom line is that we want to live together and ideally sell both homes and buy something bigger (we both live in town homes)

Should I sell my home for $500K, pay off my HELOC and mortgage, and take the money remaining to put down on another home with my girlfriend?

We are really not set on renting anything, we would not make good landlords.

If I sell my home and pay off my mortgage+heloc, I will have about $200k in the bank so i'm wondering if this would help qualify for a mortgage?
more: dự án sun 31 láng hạ
What is the best way to get this in motion?
Post Tue May 22, 2018 4:18 am
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