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Can you get approved for a new mortgage if you have an existing home which is being rented out?
Yes, you can. You add the rent to your income and add the payment to your monthly bills. The difference is called "positive cash flow" and it's ideally what you want to have or you will be losing money as a landlord. Owning rental property and making the payments on time with positive cash flow is a good thing when trying to get a mortgage, HOWEVER if you are getting a mortgage for more rental property, expect to pay a higher interest rate. The key is to finance it as your primary residence and live there for a while before converting it to rental property.
What else can I help you with?
How does having a loan impact the likelihood of being approved for a mortgage?
Having a loan can impact the likelihood of being approved for a mortgage because it affects your debt-to-income ratio, which is a key factor that lenders consider when evaluating your ability to repay a mortgage. If you have a high amount of existing debt from a loan, it may make it more difficult to qualify for a mortgage as it could indicate a higher risk of defaulting on payments.
Are you pre approved for a mortgage?
Being pre-approved for a mortgage means that a lender has reviewed your financial information and determined how much money they are willing to lend you for a home purchase.
What does "pre-approved" mean in terms of being approved for a mortgage?
"Pre-approved" means that a lender has reviewed your financial information and determined that you are likely to qualify for a mortgage loan up to a certain amount. It is not a guarantee of final approval, but it shows that you are a strong candidate for a mortgage.
How can I add land to my existing mortgage?
To add land to your existing mortgage, you can typically apply for a loan known as a land loan or a lot loan. This loan allows you to finance the purchase of additional land and add it to your existing mortgage. You will need to meet the lender's requirements for creditworthiness and the value of the land being added.
Can you explain what being pre-approved for a mortgage means?
Being pre-approved for a mortgage means that a lender has reviewed your financial information and determined how much money they are willing to lend you for a home purchase. This can help you know your budget when looking for a house and shows sellers that you are a serious buyer.
How does having a loan impact the likelihood of being approved for a mortgage?
Having a loan can impact the likelihood of being approved for a mortgage because it affects your debt-to-income ratio, which is a key factor that lenders consider when evaluating your ability to repay a mortgage. If you have a high amount of existing debt from a loan, it may make it more difficult to qualify for a mortgage as it could indicate a higher risk of defaulting on payments.
Are you pre approved for a mortgage?
Being pre-approved for a mortgage means that a lender has reviewed your financial information and determined how much money they are willing to lend you for a home purchase.
What does "pre-approved" mean in terms of being approved for a mortgage?
"Pre-approved" means that a lender has reviewed your financial information and determined that you are likely to qualify for a mortgage loan up to a certain amount. It is not a guarantee of final approval, but it shows that you are a strong candidate for a mortgage.
How can I add land to my existing mortgage?
To add land to your existing mortgage, you can typically apply for a loan known as a land loan or a lot loan. This loan allows you to finance the purchase of additional land and add it to your existing mortgage. You will need to meet the lender's requirements for creditworthiness and the value of the land being added.
Can you explain what being pre-approved for a mortgage means?
Being pre-approved for a mortgage means that a lender has reviewed your financial information and determined how much money they are willing to lend you for a home purchase. This can help you know your budget when looking for a house and shows sellers that you are a serious buyer.
You are being offered a ginnie Mae for a re-fi on your existing home mortgage should you be concerned?
are subprime mortgages dangerous
What is the purpose of mortgage protection life insurance?
The purpose of mortgage protection life insurance is to protect the home from being lost in the event the mortgagee passes away. The life insurance will pay off the balance of the existing mortgage to the finance company.
What does it mean to be pre-approved for a mortgage and how does it benefit homebuyers?
Being pre-approved for a mortgage means a lender has reviewed your financial information and determined how much money they are willing to lend you for a home purchase. This benefits homebuyers by giving them a clear idea of their budget, making them more attractive to sellers, and speeding up the home buying process.
What are football stadiums being used for when football is not being played?
The newer ones have really nice meeting rooms that are rented out for business meetings, as well as lounges that are rented out for parties.
How much does a weekend car rental cost for around town?
Car rental prices vary depending on the car being rented. It also varies depending on the date it is being rented for.
Can you get a mortgage commitment before a title search?
Generally, the title examination isn't ordered until there has been mortgage commitment. The reason is that people (buyers) don't want to pay for a title examination if the mortgage isn't approved. However, some lenders give a preliminary commitment that depends on the title being free of defects. In that case they want the title report a couple of weeks before the closing is scheduled.
Can a civilian assume a mortgage of a VA property?
Yes, a civilian can assume a mortgage of a Virginia property. In order to get a loan for a property in Virginia, the person must have a credit check completed. If they have good credit, their chances of being approved for the loan are higher. If they have bad credit, the bank or loan officer may ask for the person to have a cosigner.
