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they get approved for a new mortgage every time they move while the old one isnt even 10% paid off?
by elvirs 8y ago
they get approved for a new mortgage every time they move while the old one isnt even 10% paid off?
- vageli 8y agoI don't know of many lenders that will give you a mortgage with 10% down.
- gambiting 8y agoReally? In UK it's not unusual to get approved with as little as 5%.
- emodendroket 8y agoI'm guessing in the UK 30-year fixed-rate mortgages are not the norm.
- Raidion 8y 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 8y 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.