Multiple Home Mortgage Question

[davans]

Or sell at least ONE of the two and then get a 'bridge' loan to cover on the purchase of the new farm.

we have thought of going this route, probably makes the most sence but, I ant stand the thought of living in mcdonough again.

 

[davans]

Get a HELOC. Buy the house you want and if rates go down refi. Marry the house and date the mortgage. Waiting until values go down (if and when they do) and the existing properties you own will also go down. Lots of folks sitting on the sidelines waiting for the market to collapse and it hasn’t.

Yeah, short of a catastrophic economic disaster, I do not see a market crash happening and with already owning 2 properties, I’m better off selling and buying now. Rates can always be refinance.

 

[Jdadams]

HKMurkure

I second this. He was super helpful the couple of times that I talked to him. He gave me great advice.

 

[Jdadams]

Take a look at the associated taxes with selling a second home. My aunt and uncle wound up having to move to their lake house for two years to establish residence because of the taxes that it would cost by selling their second home that they owned for over 30 years.

 

[basstracker89]

Unless you can afford to buy and have 3 properties at once, I'd sell at least one then buy the other. Then when you get established where you want, sell the other. I would hate to try and get a new loan at this time though

 

[HKMurkure]

davans I am a mortgage professional with over 10 years as an underwriter. I would be happy to spend an hour discussing your goals and how to achieve them

WallsGa J Jdadams Thanks amigos!!

 

[davans]

Take a look at the associated taxes with selling a second home. My aunt and uncle wound up having to move to their lake house for two years to establish residence because of the taxes that it would cost by selling their second home that they owned for over 30 years.

Yeah, we moved into the lake house as our primary residence to avoid some taxes as it is the higher priced of the 2 homes. I guess the smart thing would be to sell Lake house now, move back in mcdonough house for 2 years and then sell. But I just don’t see us living in mcdonough again for any length of time.

 

[davans]

davans I am a mortgage professional with over 10 years as an underwriter. I would be happy to spend an hour discussing your goals and how to achieve them

WallsGa J Jdadams Thanks amigos!!

I’ll shoot you a PM.
Thanks,

 

[WallsGa]

Yeah, we moved into the lake house as our primary residence to avoid some taxes as it is the higher priced of the 2 homes. I guess the smart thing would be to sell Lake house now, move back in mcdonough house for 2 years and then sell. But I just don’t see us living in mcdonough again for any length of time.

Can’t blame you there.

what part of Sinclair? My folks are selling there house down there as well.

 

[davans]

Can’t blame you there.

what part of Sinclair? My folks are selling there house down there as well.

Twin Bridges / Dennis Station area. Across from Optimus Island.