noncontingent offer: Can You Buy A Home Before Selling? Start With This Calculator
- 05/19/15 02:03 PM
You own a home. You want to buy another home before selling, but you don't have enough money to make a down payment on the type of home you want. Your down payment is trapped in your home! What can you do? I am here to help! The first thing you should do is use my buy a home before selling calculator. This calculator will estimate for you what purchase price and what loan amount is possible. All you have to do is enter the value of your current home, the price of the home you would like to buy, and how much … (0 comments)
noncontingent offer: Can I Get A Mortgage To Buy A Home Before Selling My Current Home?
- 04/25/14 11:09 PM
When I am asked "Can you help me get a mortgage loan to buy a home before selling my current home?", my answer is "Yes, there is a program for that!" The program incorporates what is called cross-collateralization. Cross-collateralization in mortgages occurs when a lender has two or more pieces of real estate as security for the loan. This program securitizes both the current primary residence and the property that the borrower wants to purchase. There are many benefits to being able to cross-collateralize the current home! One benefit of the program is that it eliminates the possibility of a move … (0 comments)
noncontingent offer: Buying A Home Before Selling - How Does That Work?
- 12/11/09 11:41 AM
Buying A Home Before Selling - How Does That Work? When someone buys a home before selling their current home, they may have a problem: if they have a mortgage on the old home, that debt is included in their debt-to-income ratio. In the old days (pre-2008), home buyers who did not sell their home first had at least a couple of ways to offset their mortgage debt. Some lenders would accept the income reported on a rent survey prepared by a licensed appraiser. Other lenders would accept a rental agreement. The lender would subtract 25% of the income obtained by … (46 comments)
Phil Caulfield is a Loan Officer with Prosperity Home Mortgage LLC. I have experience with many types of loans, such as conforming, jumbo, FHA, and VA. I have worked with all types of clients, ranging from first- time buyers to high net worth individuals.
As a mortgage banker, we are able to offer many different types of loan programs to meet the needs of a wide variety of clients.
For example, we offer programs with low down payment requirements, which can be attractive to first-time buyers.
We also can help clients who are having a difficult time qualifying with traditional income documentation by utilizing alternative documentation, such as bank statements, to qualify.
Interest-only loans have been attractive to high net worth clients. These type of mortgages give the borrower more flexibility in terms of allocating funds into financial vehicles they deem to be the most attractive.
The current mortgage landscape requires a tremendous amount of documentation and disclosure. My goal as a Loan Officer is to make the process as painless and as simple as possible. Having 30 years of experience has enabled me to anticipate the issues that may come up during the loan process. I work with my clients upfront to work through these issues so that the surprises during the processing of their mortgage are minimized.
I grew up, live, and work in Burlingame. Many of my clients, naturally, are from Burlingame and the surrounding cities such as Hillsborough, San Mateo, Foster City, and Millbrae. I am licensed in the state of California, so I can help people who want to buy or own property anywhere in the state.
You own a home. You want to buy another home before selling, but you don't have enough money to make a down payment on the type of home you want. Your down payment is trapped in your home! What can you do?
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