Reply #11: but the problem there is the qualifying bit [View All]

you not only have to be credit worthy...most lenders (and I do say MOST) will look at your financial income and obligations prior to making a mortgage for you. Owing $4K/month on a home has GOT to be eating up most of their income stream and that alone should be enough for a lender to ask questions...and probably deny the loan. When they ask, "OK, you bring in $6700/month after taxes...you currently have a $4k mortgage with lender A. The new mortgage will run you $1500/month...that only leaves you with $1200 for other expenses. How do you plan on disposing of the $4K mortgage???" the prospective client says, "Foreclosure?" Ain't gonna fly...especially when the bank liquidates the property and then sues the former owner for the money not made up in the liquidation...

sP