Need some advice on house purchasing
Hi All,
I and my GF are relocating to another city (in Texas) for work. Currently I own a house that's fully paid off, so here are my options:
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Get a mortgage first, and then pay off most of the loan after selling my current house. I think this is the preferred way since we can avoid needing a place to stay in between. However I'm not sure what is the best way to handle the mortgage: I assume since I can pay most of the mortgage off after selling my current home, the interest rate and APR is less of a concern for me? Should I just go with my bank since it's probably more reliable? And does it matter if I get a loan myself or get the loan together with my GF (we do plan to get married very soon)? Also I and my GF can contribute differently on the down payment, what is the best way to handle the title and deed?
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Another option would be selling my home first and hopefully buy a new home with cash. But we would need temporary housing which is not something we prefer. Is there any benefits for doing this (other than saving a few months worth of interest on the loan)?
Is there another way that this can be handled? Please let me know, thanks!
Posted Jul 1, 2021, 12:01 AM UTC