Booking Another House From Builder While Renting The Present House

by Wasim
(Milton, Canada)

I own a house. Recently I have booked another house with a builder in the growing neighborhood in Milton. I have paid a total of $45000 in 4 installments from my bank account to the builder. My closing of this house is Apr 2013. I would like to move in to that house and would like to put my present house on rent. But I wonder could I will be approved for approx $550000 mortgage for new house whereas my existing house at that time will have $ 225000 mortgage left. I have a total family income around $ 90,000. What do you suggest?

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Dec 01, 2011
RE: Booking Another House From Builder...
by: Tom Karadza

That's a question for a good mortgage broker.

Our guess is that it's going to be possible but because we don't know your full income/debt ratio's it's tough to know for sure... best to ask a professional mortgage broker that has a lot of experience.

Tom

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