militaryman
Recycles dryer sheets
I have need of some info.
Here the situation :
I own my current home without a mort. and I'd say it is worth about 200k . I am about 13 years from retirement. I want to retire to a specific area that is on the beach where home prices have taken a drastic hit ( like many areas ) . I also like to vacation at this same area in the meantime before retirement. I would like to take advantage of the low housing prices and go ahead and buy condo on the beach to retire to eventually and also have it to rent out and vacation at until retirement.
If I waited til retirement to purchase I would be selling current house and using that $$ plus 401k $$ to buy the condo at the prices that would most likely have recovered greatly by then.
I was thinking of downsizing my 4bdrm 3bath house anyways now so my idea is to sell the current house and use the $$ to buy the condo for cash. Then get a 30 year mortgage on another house that is smaller and cheaper.
I really wish that a bank would just allow my to retake out a 30 year mortgage on my current house and take the check and pay for a condo but I guess that is not possible? Instead it seems that about the best I can do is get a home equity loan and the term is too short for the payments to be comfortable.
If I sell my house and have 200K sitting in the bank will a bank give me a 30 year mort. on another house in my current area or do I need to purchase the condo in the beach area with that $$ before they will give me the loan ?
Thanks
Here the situation :
I own my current home without a mort. and I'd say it is worth about 200k . I am about 13 years from retirement. I want to retire to a specific area that is on the beach where home prices have taken a drastic hit ( like many areas ) . I also like to vacation at this same area in the meantime before retirement. I would like to take advantage of the low housing prices and go ahead and buy condo on the beach to retire to eventually and also have it to rent out and vacation at until retirement.
If I waited til retirement to purchase I would be selling current house and using that $$ plus 401k $$ to buy the condo at the prices that would most likely have recovered greatly by then.
I was thinking of downsizing my 4bdrm 3bath house anyways now so my idea is to sell the current house and use the $$ to buy the condo for cash. Then get a 30 year mortgage on another house that is smaller and cheaper.
I really wish that a bank would just allow my to retake out a 30 year mortgage on my current house and take the check and pay for a condo but I guess that is not possible? Instead it seems that about the best I can do is get a home equity loan and the term is too short for the payments to be comfortable.
If I sell my house and have 200K sitting in the bank will a bank give me a 30 year mort. on another house in my current area or do I need to purchase the condo in the beach area with that $$ before they will give me the loan ?
Thanks