i just saw a house that i liked a lot. It's 525,000. I already have a house that I'm still paying on. According to Zillow, it's worth 452,000. I got it last year for 253.Now, here are the questions. I have a 30 year fixed loan at 3.25% .Is there any way to sell my house,put 150 on the other house and still keep this apr and maybe modify the present loan? It's a V.A. loan. Also, I know this is gonna cost thousands from realtor commissions,and all those other charges that go with buying and selling. Is there any tips or good advice to save money doing a transaction like this? I'm hoping if it would go through,that the monthly increase will only be 1 or 2 hundred.
Who knows home loans, real estate?
- Thread starter daves66nova
- Start date
- Status
Sounds like what you want is a portable mortgage. Our mortgage and refinance were both specifically non-portable - as I thought most (if not all) are in the US. I know it was tried back in the early 2000s but didn't think it took off anywhere.
Time to read the packet again that you got when you signed the mortgage. I don't believe portability is a benefit of a VA loan but I'm no expert, worth a call to the VA if you still have questions.
Time to read the packet again that you got when you signed the mortgage. I don't believe portability is a benefit of a VA loan but I'm no expert, worth a call to the VA if you still have questions.
different house = different mortgage. check your local credit union for the best APR.
Do not put too much trust in Zillow, look at comps for your current homes value. I really doubt your current loan is portable, rates are still really good so just shop around.
As a broker, most mortgages have a due on sale clause and I think that's still the same with VA loans. Check your documents to be sure. The rate is usually lower on the first VA loan, the 2nd one is typically higher. If your credit is good, you should probably go with a regular loan because VA loans are good if you have minimal down payment and not so great credit, but if you have 20%, you'll probably get a better rate just going with a conventional loan. VA loans typically have a funding fee that makes it more expensive than a regular loan, but without a VA loan, many wouldn't be able to buy a home.
You could try renting your old place to pay its mortgage and expenses but you very likely won't get another VA loan on the 2nd if you own 'investment property'.
But with the equity in it you should get a conventional loan easily.
Housing prices partially reflect low interest rates, so it's sort of mox-nix.
But with the equity in it you should get a conventional loan easily.
Housing prices partially reflect low interest rates, so it's sort of mox-nix.
Call USAA since you are a vet. They do make mortgage loans. And they have a program for buying and selling homes through some real estate connections. I do not know if the program is any good as I have not used it. But you can ask them.
I bought a new property in another city for my youngest daughter 2 years ago. USAA would NOT write a mortgage for me because it was not my principal home. They called it investment property. But they did have a referral company. They had some really good rates and some low fees for origination.
Call them and ask your questions
I bought a new property in another city for my youngest daughter 2 years ago. USAA would NOT write a mortgage for me because it was not my principal home. They called it investment property. But they did have a referral company. They had some really good rates and some low fees for origination.
Call them and ask your questions
Originally Posted By: daves66nova
i just saw a house that i liked a lot. It's 525,000. I already have a house that I'm still paying on. According to Zillow, it's worth 452,000. I got it last year for 253.Now, here are the questions. I have a 30 year fixed loan at 3.25% .Is there any way to sell my house,put 150 on the other house and still keep this apr and maybe modify the present loan? It's a V.A. loan. Also, I know this is gonna cost thousands from realtor commissions,and all those other charges that go with buying and selling. Is there any tips or good advice to save money doing a transaction like this? I'm hoping if it would go through,that the monthly increase will only be 1 or 2 hundred.
You cannot move a mortgage to a new home. Some mortgages are assumable by a new owner, but that is not done much anymore either.
i just saw a house that i liked a lot. It's 525,000. I already have a house that I'm still paying on. According to Zillow, it's worth 452,000. I got it last year for 253.Now, here are the questions. I have a 30 year fixed loan at 3.25% .Is there any way to sell my house,put 150 on the other house and still keep this apr and maybe modify the present loan? It's a V.A. loan. Also, I know this is gonna cost thousands from realtor commissions,and all those other charges that go with buying and selling. Is there any tips or good advice to save money doing a transaction like this? I'm hoping if it would go through,that the monthly increase will only be 1 or 2 hundred.
You cannot move a mortgage to a new home. Some mortgages are assumable by a new owner, but that is not done much anymore either.
Originally Posted By: Donald
Originally Posted By: daves66nova
i just saw a house that i liked a lot. It's 525,000. I already have a house that I'm still paying on. According to Zillow, it's worth 452,000. I got it last year for 253.Now, here are the questions. I have a 30 year fixed loan at 3.25% .Is there any way to sell my house,put 150 on the other house and still keep this apr and maybe modify the present loan? It's a V.A. loan. Also, I know this is gonna cost thousands from realtor commissions,and all those other charges that go with buying and selling. Is there any tips or good advice to save money doing a transaction like this? I'm hoping if it would go through,that the monthly increase will only be 1 or 2 hundred.
You cannot move a mortgage to a new home. Some mortgages are assumable by a new owner, but that is not done much anymore either.
+1. I work for one of the GSE's btw. (10+ yrs in business)
Originally Posted By: daves66nova
i just saw a house that i liked a lot. It's 525,000. I already have a house that I'm still paying on. According to Zillow, it's worth 452,000. I got it last year for 253.Now, here are the questions. I have a 30 year fixed loan at 3.25% .Is there any way to sell my house,put 150 on the other house and still keep this apr and maybe modify the present loan? It's a V.A. loan. Also, I know this is gonna cost thousands from realtor commissions,and all those other charges that go with buying and selling. Is there any tips or good advice to save money doing a transaction like this? I'm hoping if it would go through,that the monthly increase will only be 1 or 2 hundred.
You cannot move a mortgage to a new home. Some mortgages are assumable by a new owner, but that is not done much anymore either.
+1. I work for one of the GSE's btw. (10+ yrs in business)
253k last year
525k this year
did your income double?
Don't make yourself house-poor!
525k this year
did your income double?
Don't make yourself house-poor!
You would have to sell your house and buy the other. Zillow is not a reliable source of home values but if your house really did gain almost $200k in value remember you have pay capital gains on that since you have been their only a year.
Your going to lose about $50k of that $200k to taxes and closing costs.
Mortgage interest rates have not really changed a whole lot.
Your going to lose about $50k of that $200k to taxes and closing costs.
Mortgage interest rates have not really changed a whole lot.
Last edited:
Originally Posted By: hattaresguy
You would have to sell your house and buy the other. Zillow is not a reliable source of home values but if your house really did gain almost $200k in value remember you have pay capital gains on that since you have been their only a year.
Your going to lose about $50k of that $200k to taxes and closing costs.
Mortgage interest rates have not really changed a whole lot.
Generally there's no capital gains on sale of primary residence. There are some exceptions (i.e. occupied less than 2yrs with 5 year period).
You would have to sell your house and buy the other. Zillow is not a reliable source of home values but if your house really did gain almost $200k in value remember you have pay capital gains on that since you have been their only a year.
Your going to lose about $50k of that $200k to taxes and closing costs.
Mortgage interest rates have not really changed a whole lot.
Generally there's no capital gains on sale of primary residence. There are some exceptions (i.e. occupied less than 2yrs with 5 year period).
Originally Posted By: daves66nova
According to Zillow...
Really? Zillow is useless and not very accurate, sometimes as much as 50% or more off.
According to Zillow...
Really? Zillow is useless and not very accurate, sometimes as much as 50% or more off.
Originally Posted By: surfstar
253k last year
525k this year
did your income double?
Don't make yourself house-poor!
I just caught a mistake I made.It will be 2 years this April when I bought my house. Assuming I made 200k on my house, I would be putting down about 150 or so.
253k last year
525k this year
did your income double?
Don't make yourself house-poor!
I just caught a mistake I made.It will be 2 years this April when I bought my house. Assuming I made 200k on my house, I would be putting down about 150 or so.
Originally Posted By: BMWTurboDzl
Originally Posted By: hattaresguy
You would have to sell your house and buy the other. Zillow is not a reliable source of home values but if your house really did gain almost $200k in value remember you have pay capital gains on that since you have been their only a year.
Your going to lose about $50k of that $200k to taxes and closing costs.
Mortgage interest rates have not really changed a whole lot.
Generally there's no capital gains on sale of primary residence. There are some exceptions (i.e. occupied less than 2yrs with 5 year period).
No capital gains if the profit is less than $250 for single and $500k for married couple, if the house is occupied for 2 years in the last 5 years.
Back to the topic, I would sell the current house with close of escrow after April to have the 2 years occupied to avoid paying capital gains. Use the equity for down payment for the next house.
You should also pay attention to property tax, the old tax was based on $2xx,xxx and the new tax will based on $5xx,xxx for the new house. Monthly property will increase about $250. Also, insurance may go up too.
How about selling the house by yourself to save about $20-25k commission ?
I did it last year, I had realtor listed my house for 6 months and the best price he could get was $1.2x mils, I sold myself for $1.3x mils about $100k more and I didn't pay 6% of 1.2x mils or about $75-80k. The total saving was almost $200k.
I then found a realtor who refund 1% commission for buying replacement house, I received $5k after closed escrow.
Originally Posted By: hattaresguy
You would have to sell your house and buy the other. Zillow is not a reliable source of home values but if your house really did gain almost $200k in value remember you have pay capital gains on that since you have been their only a year.
Your going to lose about $50k of that $200k to taxes and closing costs.
Mortgage interest rates have not really changed a whole lot.
Generally there's no capital gains on sale of primary residence. There are some exceptions (i.e. occupied less than 2yrs with 5 year period).
No capital gains if the profit is less than $250 for single and $500k for married couple, if the house is occupied for 2 years in the last 5 years.
Back to the topic, I would sell the current house with close of escrow after April to have the 2 years occupied to avoid paying capital gains. Use the equity for down payment for the next house.
You should also pay attention to property tax, the old tax was based on $2xx,xxx and the new tax will based on $5xx,xxx for the new house. Monthly property will increase about $250. Also, insurance may go up too.
How about selling the house by yourself to save about $20-25k commission ?
I did it last year, I had realtor listed my house for 6 months and the best price he could get was $1.2x mils, I sold myself for $1.3x mils about $100k more and I didn't pay 6% of 1.2x mils or about $75-80k. The total saving was almost $200k.
I then found a realtor who refund 1% commission for buying replacement house, I received $5k after closed escrow.
How do you go about, selling your own house? I wouldn't even know where to start.
Zillow has my house off by $80,000
Zillow stated my house was worth $430k. Bank appraised at 335k.
All my mortgages (2) have been conventional, 5% down. We then improve the property ourselves and refi to lose PMI. Use that down payment to pay for the materials.
Bought first house for 89k, had 102k total into it. Sold for 145k 15 months later.
Rolled that cash into our new home at 235k. Put 25k into property and recently appraised at 335k 4 months after purchase.
All my mortgages (2) have been conventional, 5% down. We then improve the property ourselves and refi to lose PMI. Use that down payment to pay for the materials.
Bought first house for 89k, had 102k total into it. Sold for 145k 15 months later.
Rolled that cash into our new home at 235k. Put 25k into property and recently appraised at 335k 4 months after purchase.
- Status
Similar threads
