It is not uncommon for homebuyers to want to close on their new home while they still own their current home. The mortgage issue involved is called the “Departure Residence” and the rules around this have tightened up . This is a change that has been around for a couple years but it’s worth hitting the highlights.....
Getting a new mortgage for a can be a little overwhelming with all of the details, guidelines and potential speed bumps. Since there are so many rules and steps to follow, here is a simple list of Homebuyer Do’s and Don’ts to keep in mind throughout the mortgage process. This is a big list intended to raise questions and cover many situations. Most importantly let us be your guide to get you smoothly to your new home closing!!
Mortgage Info for Real Estate Professionals
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