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If I'm relocating whats the best way to get a new mortgage?

My home isn't quite up for sale yet but I'm trying to get my head around the process. I am moving for work (within the same company) but it just needs to be done by early summer. Do I try to get locked in to a new mortgage before I move or is this something better left for after I make the move and rent for a while? by alanafeller89786906 from Park Valley, Utah. Dec 17th 2014 Reply


Kirk Anderson (KirkAnderson)
#25 ranked lender in Arizona - 46 contributions

Alana,It certainly won't hurt to get pre-qualified now so that when you do make the move you have a sense of what you will qualify for. As for locking into a rate, most Lender's won't be able to lock you in until you have identified a property and are under Contract. Please feel free to contact me at 877-262-4050 and I'd be happy to answer any other questions that you may have. Thanks much!Kirk AndersonSr. Mortgage ConsultantNMLS #459105BNC National Bank

Dec 17th 2014
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

If you've moving for work within the same company, that's great from the income point of view (you won't have issues). If your income is high enough to allow you to qualify for two mortgages, then it's easy. On the other hand, if your income can only qualify you for one mortgage payment, you will have to sell your current home before closing on your new loan. You could put your home for sale and also make an offer on a new property - it just needs to be coordinated to the point where you sell your home and have a few days (or weeks) extra to live in it until your purchase loan closes and funds. If the buyers of your current home are patient and understanding, you can make an agreement with them. There is also the option of selling your home, renting something, then purchasing a new home, but it's kinda inconvenient. I suggest getting a commitment from a lender on the basis of a "to be determined property". This means you start an application, submit all the required documentation, and an underwriter will issue an approval conditioned by locating a property and having a satisfying appraisal on it. It will be valid for as long as your circumstances don't change, and it will speed up your purchase. You will also know exactly how much you can qualify for. E-mail me at dana@utloanofficer.com or call me at (801) 473-3154 and I can help with that. I also have access to a great renovation loan program that you will find very interesting. Here is the link to more information: http://utloanofficer.com/utah-homestyle-renovation-loan/

Dec 17th 2014
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 562 contributions

Hello Alana, Congratulations I hope the move is also a promotion. To first answer your questions... You cannot actually get a mortgage loan before you have made an offer on a property, however you can get pre-approved with the property "to be determined." Getting pre-approved will have you working with a loan officer and will help you understand the process and help you determine the best direction for you. Also getting pre-approved will see if there are any issues or challenges that can be worked out before you find a property - sort of getting your financial ducks in a row. Feel free to give me a call. I am all about "information without obligation". I can help you understand the process a little better and give you confidence about your next move. Linda Miller / 801.550.1222 / linda@lindamillergroup.com / www.utahmortgageadvisors.com.

Dec 17th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

We offer a "lock and shop" program where you lock the rate as much as 2-2.5 months before closing and have roughly 45 days to find a home. Otherwise, recommend you get preapproved sometime ahead of time, usually less than 120 days before you actually close on another home so a new credit report is not needed (depends somewhat on the lender, that is the standard requirement). You can have someone look at your options any time and make recommendations for what steps might help put you in best position to purchase in the new location.

Dec 17th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

It really depends on whether or not you can afford both payments.. if you can, then you can purchase a new home now and sell your existing home once you move.. If you cannot afford both payments then I suggest you wait until your actually ready to make the move.. list your property, and once you have locked in a contract, go and start looking for your new home.. if you cannot coordinate the closing to work simotaniously, then you can always request that the buyer of your home allow to rent back the home and give you 60 days to move rather then the actual closing date.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 17th 2014
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