We found a steal of a house and the equity of the new house is much more than the equity of our house. This may be a silly question, but our mortgage now has a great interest rate and I don't want to lose that. We have about 100,000 equity in our currently house and if we bought this new house we would have about 200,000 equity. We would with the money we would get from selling our house (god willing) we would be able to use roughly 120,000 towards this new house. The banks would be winning on this deal considering if I foreclosed (not that I ever have plans to do so) they would double the money I owe them by selling the house.
2007-06-10 04:38:33 · 3 answers · asked by Serena 5 in Business & Finance ➔ Renting & Real Estate
Probably not. But you can get a great new loan on the new place. Call your current lender and see if you can get the same deal or a better deal on the interest rate for the new place.
2007-06-10 04:42:44 · answer #1 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
No. You have to obtain a mortgage on the new house.
Ask your lender if they have any creative financing options available to keep your old rate.
2007-06-10 11:43:07 · answer #2 · answered by godged 7 · 1⤊ 0⤋
No. New house, new loan.
2007-06-10 11:42:10 · answer #3 · answered by Michael B 5 · 1⤊ 0⤋