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How exactly do people manage to move to bigger and better houses ?
I bought my house 15 years ago and have 10 years remaining on the mortgage.
There is a lot of equity in the house (is now worth about 4 times what I paid for it) but when I asked a mortgage adviser, she said because I am currently not working (although my partner who hasn't lived here as long as I have is), there is nothing I can do to improve my circumstances.
However, I know of many people who seem to be able to move upwards, even though their income stays pretty much the same.
Surely, all the equity I have stands for something ?

2007-06-13 02:04:20 · 3 answers · asked by Anonymous in Business & Finance Renting & Real Estate

3 answers

Ask other mortgage advisors their opinions. It's rare for a mortgage lender/advisor to turn down business, given that this is how they generate their incomes. Equity is certainly a valuable asset to have, but is there sufficient income flow to take on the liabilities of an increased mortgage payment ?

Do remember that, even with good credit scores and equity, borrowed money must be repaid with regular timely payments. If there is not sufficient income to make these payments, you will be denied.

2007-06-13 02:28:20 · answer #1 · answered by acermill 7 · 0 0

Hate to sound so rude but whomever you spoke with sounds like a fool to me! There are several answers to your question but first CONGRATS for having only 10 years left and having so much equity in the property as this puts you ahead of most people in the general public. Next to get into a larger house there are several questions to be answered and that is going to be first your credit score - is it 680 or better - hopefully even 700 or better. If so then we dont care if you have a job. Score plays a large part of this. You will want to use the equity in this house to place 20% down into the new and this helps for you to get into a larger, maybe newer home AS LONG AS you are looking for a good deal and in an area that is APPRECIATING and NOT depreciating. Need more help contact me at www.esimortgage.net

2007-06-13 09:12:54 · answer #2 · answered by Anonymous · 0 0

Sure equity stands for something, but the ability to pay a higher mortgage payment requires steady income and if you dont have that, you personally wont get a mortgage. Maybe your partner should apply for the loan.

2007-06-13 09:08:26 · answer #3 · answered by hirebookkeeper 6 · 0 0

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