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Several of my friends have bought a new house whenever they move, and rent our their prior house instead of selling. It has worked out really well for them. Pas
by paulsutter 9y ago
Several of my friends have bought a new house whenever they move, and rent our their prior house instead of selling. It has worked out really well for them. Past performance is no guarantee of future returns, of course, but it's worth considering
- elvirs 9y agothey get approved for a new mortgage every time they move while the old one isnt even 10% paid off?
- vageli 9y agoI don't know of many lenders that will give you a mortgage with 10% down.
- gambiting 9y agoReally? In UK it's not unusual to get approved with as little as 5%.
- emodendroket 9y agoI'm guessing in the UK 30-year fixed-rate mortgages are not the norm.
- Raidion 9y agoThere are tons of lenders who will give you a mortgage with < 10%. They're much more concerned with income than a down payment because you're paying PMI.
- paulsutter 9y agoSince they rent the property they’re leaving behind, the rent counts towards their income. Strictly speaking there’s a delay for the rent to qualify but you get the general idea.