Newventurer
Recycles dryer sheets
I am 52, DW 49 - I have been at my current employer 16 years and she with hers for 6 years. Last child heading to college Fall 2013 and our plan is to put semi retirement plan into motion.
The plan (God laughs):
1) Put current house on the market in June 2013, move into apartment if house sells fast, which is likely in our area.
2) I give notice to employer that I will be terminating at year end 2013, employer would appreciate the notice, no issues.
3) DW starts looking for full time employment in new locale - she is a CPA, in Tax (work for 5 -6 years)
4) Start looking for new house in new locale (have already narrowed down price, area, etc, made easier as her parents live in the area).
5) I will seek part time work in new locale (work for 4-5 years)
While I am sure there are many questions and advice on each item mentioned, what I am really hoping to get is advice on timing the real estate transaction effectively.
1) I would think that it is best to be employed with my current employer when seeking the mortgage on the new house?
2) Do I need to sell the current home before buying the new one so that the interest rate on the loan is not priced as a 2nd home when in fact it will shortly become the primary residence? I don't need the equity in the current home to provide the down payment for the new home which I intend to obtain a 30 year mortgage but payoff within 5 years.
Would appreciate any insight from others who have been in a similar situation.
The plan (God laughs):
1) Put current house on the market in June 2013, move into apartment if house sells fast, which is likely in our area.
2) I give notice to employer that I will be terminating at year end 2013, employer would appreciate the notice, no issues.
3) DW starts looking for full time employment in new locale - she is a CPA, in Tax (work for 5 -6 years)
4) Start looking for new house in new locale (have already narrowed down price, area, etc, made easier as her parents live in the area).
5) I will seek part time work in new locale (work for 4-5 years)
While I am sure there are many questions and advice on each item mentioned, what I am really hoping to get is advice on timing the real estate transaction effectively.
1) I would think that it is best to be employed with my current employer when seeking the mortgage on the new house?
2) Do I need to sell the current home before buying the new one so that the interest rate on the loan is not priced as a 2nd home when in fact it will shortly become the primary residence? I don't need the equity in the current home to provide the down payment for the new home which I intend to obtain a 30 year mortgage but payoff within 5 years.
Would appreciate any insight from others who have been in a similar situation.
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