Mortgages

Just wondering if it’s possible to get another mortgage while paying off one? Basically my wife and I built a house two years ago. We have 190k as a mortgage. Wife wants to build a bigger house as our isn’t big enough (living rooms too close together) and now we have a child it just feels cramped.


Does anyone know if banks allow to take out another mortgage and sell your current home to pay off previous loan once new house is built/bought? Only reason I ask is that I don’t want to move back in with in-laws for the eight+ months it will take to build.

Lol.

Really?

Yes.  You can totally do that.

Just wondering if it's possible to get another mortgage while paying off one? Basically my wife and I built a house two years ago. We have 190k as a mortgage. Wife wants to build a bigger house as our isn't big enough (living rooms too close together) and now we have a child it just feels cramped.
Does anyone know if banks allow to take out another mortgage and sell your current home to pay off previous loan once new house is built/bought? Only reason I ask is that I don't want to move back in with in-laws for the eight+ months it will take to build.

I'm doing it at the moment...but I only had less than $50k outstanding.
I used a mortgage broker.

BRIDGING LOAN

 

Just wondering if it's possible to get another mortgage while paying off one? Basically my wife and I built a house two years ago. We have 190k as a mortgage. Wife wants to build a bigger house as our isn't big enough (living rooms too close together) and now we have a child it just feels cramped.
Does anyone know if banks allow to take out another mortgage and sell your current home to pay off previous loan once new house is built/bought? Only reason I ask is that I don't want to move back in with in-laws for the eight+ months it will take to build.

I'm doing it at the moment...but I only had less than $50k outstanding.
I used a mortgage broker.

 

Moving to the penthouse suite?

Yea bridging loans have a high interest rate… might just have to sell and move in with the inlaws for a year shudder

If you’reovomgmout of one place it should be easy.

Surely paying a few extra dollars would be better than moving back in with the olds.


Yea its just affording the 2 loans on one wage until the current joint sells.

housesitting!! only lob at the in-laws if you have a gap between gigs :)

 

 

Just wondering if it's possible to get another mortgage while paying off one? Basically my wife and I built a house two years ago. We have 190k as a mortgage. Wife wants to build a bigger house as our isn't big enough (living rooms too close together) and now we have a child it just feels cramped.
Does anyone know if banks allow to take out another mortgage and sell your current home to pay off previous loan once new house is built/bought? Only reason I ask is that I don't want to move back in with in-laws for the eight+ months it will take to build.

I'm doing it at the moment...but I only had less than $50k outstanding.
I used a mortgage broker.

 

Moving to the penthouse suite?

 

Is that the metaphorical penthouse suite of religion, because I'd be more of a chance of moving to the basement...or dungeon...if you will.

Just wondering if it's possible to get another mortgage while paying off one? Basically my wife and I built a house two years ago. We have 190k as a mortgage. Wife wants to build a bigger house as our isn't big enough (living rooms too close together) and now we have a child it just feels cramped.
Does anyone know if banks allow to take out another mortgage and sell your current home to pay off previous loan once new house is built/bought? Only reason I ask is that I don't want to move back in with in-laws for the eight+ months it will take to build.

Talk to your bank. If you can afford it then it should be a matter of increasing your loan. Talk to the bank and ask them what they can do for you otherwise say you'll look for a better deal at another bank.*

 

 

 

*this advice is of a generic nature only

housesitting!! only lob at the in-laws if you have a gap between gigs :)

 

Not with kids K. No one wants kids.

 

housesitting!! only lob at the in-laws if you have a gap between gigs :)

 

Not with kids K. No one wants kids.

 

there are many who don't, absolutely, but I've seen a number of housesits where they specifically say they have toys/play equipment etc and are completely open to housesitters with kids!



housesitting!! only lob at the in-laws if you have a gap between gigs :)


Not with kids K. No one wants kids.
there are many who don't, absolutely, but I've seen a number of housesits where they specifically say they have toys/play equipment etc and are completely open to housesitters with kids!

Think he meant that the house you sit doesn't come with kids that you have to look after.
If that was an option if be all over leaving the bowl use and kids for a few months respite

my living rooms are too close together too - i'm thinking of starting the east wing come spring and relocating one there.

 

:p

(For some reason I cannot quote)

 

Following on from Doe's reply, if you know someone who works in a bank, try to find out what perks the staff get. Use this when negotiating with the loan manager. Say you want the same rate or no fees concession or whatever as they get. If they say no they can't, mention that you know staff get it and if you don't get it as well you'll go elsewhere.

 

Banks will sell the shrivelled, burnt detritus that remains of their soul to get your business. It is surprisingly easy to switch between banks. Only problem is if your loan is fixed, you will have to break that fixed portion and that can cost a bit.

 

I would insist on the lowest rate and zero fees for the life of the loan for starters.

Can you put yourself another couple of hundred thousand dollars in debt?

Your bank will throw money at you before you leave the building.

I'm in banking and it sounds like you have enough equity to keep the whole loan position within 80% of the value of the current house plus the upon completion value of the new house.

 

In such a situation you can get a bridging loan at standard interest rates. The bank will want an undertaking from you that you will sell and meet the market for the current house once you have moved into the new property.

 

See your bank and if they aren't interested or try and pump up the interest rate go and see another bank or have a chat to a mortgage broker (Mortgage Choice are pretty good).

I used Choice Capital in Prahran. They were very good, and the two ladies you deal with are very good at keeping you up-to-date (and one of the two is very hot too - I've only met the one face to face). Dees fan though.

I used Choice Capital in Prahran. They were very good, and the two ladies you deal with are very good at keeping you up-to-date (and one of the two is very hot too - I've only met the one face to face). Dees fan though.


Most dees fans are something that rhymes with bankers.