Sounds like a combination of your DTI and future LTV affecting things now. It’s really not much more different than saying you’re selling house #1 to buy house #2, and managing that contingency.
Your challenge will be to find a renter that’s willing to meet your terms and timing, while being able to provide all the cash upfront. If you’re going to be a first time landlord in CA, I’d look up the pros and cons before heading down that path. CA is more renter-friendly than landlord-friendly.
You can also make your purchase contingent on renting your current home, but it will be hard to find a seller willing to accept those terms. It is a buyers market so it might not be that hard.
Looking to refinance condo in MD from 30 years fixed to 15 years fixed. Any leads to brokers working with MD? PM please.
Odds are, you’ll just face a higher rate. Better to just make extra payments.
I’m at over 7% now for 30 years, don’t ask how and why. Any leads please? PM.
Check out bankrate. Contact your local banks. Check local credit unions. 7% for 30 years? Yikes!
Check out American Federal Mortgage out of NJ. The guy I know doesn’t do MD but others in the company might. Best rates I’ve seen and a few family members have used them.
Lenders are all over the place. People move from company to company. One buys another out. It’s a massively churning market with little stability. Brokers are good at shopping around but take a cut. There are huge differences in underwriting speed and competence. Once you sign, your loan may be sold off quickly. Rates shift constantly. It’s the wild west.
Point Breeze CU, 6%, 15 years