AboutTom Burris Expertise I can answer any question regarding Mortgage loans for Purchase or Refinance.
I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker.
The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past.
We do FHA, VA, Conventional & Subprime Financing. I have extensive experience in Investor Loans as well.
I will NOT answer questions about 'getting around guidelines', ect.
Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question.
I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.
Experience 4 years experience as a Mortgage Broker and as a Mortgage Banker
Education/Credentials Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.
My husband and I were married in November and are currently living in an apartment in the north Fort Worth area. We are a bit at odds on the rent vs. buy issue, and it surrounds our mortgage situation ...
We pay over $1300 per month in rent, and I feel that our money would be better served buying than renting. My husband has near perfect credit with a score of just over 800, and mine is average at 680. We also both have great jobs and could offer a fair down payment. We are confident that we could secure a very low interest rate ... in fact, based on various mortgage calculators, it looks like we would actually save money by buying a home - especially with the 2009 tax rebate.
Our dilemma is this ... there is a possibility (maybe a 65% chance) that we would have to relocate in the next 2-3 years. I don't see this as a problem, as renting or selling are options. Furthermore, if we had to relocate we would still return to the DFW area in a few years, so we could come back to the home.
My husband worries that in this economy we wouldn't be able to secure two mortgages. What are your thoughts on this? Would it be wise to purchase a home now even if we may have to move in a few years? If we did have to relocate (let's say in 2012), are we likely to be in an even worse economy for selling a home? In the next few years, do you think we would have trouble getting another mortgage if we decided to rent the first property?
Any advice would be greatly appreciated!
Thanks,
Melissa
Answer Mellissa,
I get a lot of desperate questions.... It is refreshing to answer a good question by someone who thinks ahead like you.
Buying now would be good because sellers are motivated. But if you plan on moving in a few yrs.... it might not be the best advice I could give you.
Could you rent for the few yrs you are gone with the transfer?
Renting the current home has it's problems. YOU are responsible for the upkeep!!
2 mortgages? You would have to qualify for BOTH mortgages in your debt ratios if you don't have 20% equity in the 1st one. Regardless of whether you you have a renter.
You would have to apply with a lender and run some scenarios to see if you could do 2 mortgages.
But, in the end.... only YOU can decide if you can handle the 2 mortgages if the renter doesn't pay.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
