Finding The Right Mortgage Lender and Terms

**Debaroo** · 11-04-2007, 02:24 PM

Hi all-hope someone out there could give us advice

..We are selling our home here in NJ and moving to Raleigh NC area or possibly Richmond VA .My husband will re-establish his home improvements business he has had here in NJ for 35 + years in NC or VA. I am on SS Disibility for 6 years now. We DO NOT want another mortgage and will pay off ALL bills with the sale of our home and start a new!! YIPEEEEEEE So what we want to do is put at least 30% ($75,000)down on say a $250,000 home. We want to buy the home there ASAP so there will be about a 4-5 month delay until closing on our home we are selling here in NJ. Our closing date now is April 1, 2008. I know we will have to get a mortgage for the new house, I hear bridge loans are not good..The $75,000 deposit down on the new house will come from a home equity line we recently got (for that reason) -NOT locked in. I believe right now it is 5 .75%. How do we go about getting a mortgage for the next home. What would you do.? We have excellent credit scores also. Is there any programs from the good old US Government since I am on SS Disibility? Any ideas on what we can do? Will lenders lend us money knowing we are going to pay the whole mortgage off on the new home in a few months? Please, any advice is greatly appreciated. We don't want to pay any outrageous fees. Please keep in mind we do not want any mortgage EVER AGAIN!!!!! Hope to hear from you soon

**seniorjudge** · 11-04-2007, 02:50 PM

There are plenty of reputable lenders who will talk to you about all your alternatives.

Find one.

If you don't understand something and they won't explain it to you, talk to another lender.

Don't sign anything unless you understand it. If it's not in writing, it does not exist.

Also, I would never pay 100% cash on a house in a new part of the country.

If you don't like it, you will have a difficult time selling it.

Mortgages are not all bad.

**seniorjudge** · 11-04-2007, 02:52 PM

http://www.bobbruss.com/index-bruss.aspx

Bob Bruss died recently but if you find any info written by him about mortgages, read it carefully.

**Debaroo** · 11-04-2007, 04:04 PM

Thanks so much for your fast and excellent advice. If we had a mortgage and didn't like the place what makes that any different than if we had it paid in full and no mortgage, we're still stuck with a house either way. That's what I don't understand. Unless you mean we won't have funds for somewhere else. I am lost?????

**moburkes** · 11-04-2007, 04:20 PM

You say that you don't want a mortgage, but then ask how to get a mortgage. I'm confused.

**Debaroo** · 11-04-2007, 04:39 PM

Quoting moburkes

You say that you don't want a mortgage, but then ask how to get a mortgage. I'm confused.

We need a mortgage to buy a new house until ours closes. THEN we want to pay that off in full and be MORTGAGE FREE!!!! The other poster says not be pay 100% incase we didn't like the area.

**moburkes** · 11-04-2007, 04:44 PM

Quoting Debaroo

Thanks so much for your fast and excellent advice. If we had a mortgage and didn't like the place what makes that any different than if we had it paid in full and no mortgage, we're still stuck with a house either way. That's what I don't understand. Unless you mean we won't have funds for somewhere else. I am lost?????

Correct, all of your money will be tied up.