I am Really moving this time.

[Lindagerr]

Thanks all for the well wishes. Selling my first house after 27 years here is going to take a while. Does anyone know anything about bridge loans?

I also need to know what the calculations are for debt to salary ratios for calculating mortgage qualification. There is so much about this process I don't know.

Should we rent for a couple of months while we try to sell our hose in NJ? The relocation package says we have to close on a new house in NY before 9/1/12.

If we could get a second home equity loan on our current house and use it on the new house as a down payment is that a good idea?

I have never taken a business, economics or accounting course so all of this is over my head. I would love to hear ideas and suggestions.


I will use multiples of the real numbers to see if this works.

New salary ...........................~$270,000/yr

current house worth............... ~ $500,000 (In current narket)

Current Mortgage................... ~$150,000 @~6.0%

Current Home Equity loan..........~113,000 @~3.0%

current short term debt............~85,000 @~ 6-15%
(credit cards, cars, etc)


So my questions are, how much of a 3rd mortgage or 2nd home equity line could this person get on the first home? and how much would they be approved for a new mortgage on a 2nd home?

There is a small amount of other income from side jobs and other household members which has a potential of ~ $20,000-$90,000 per year depending on need.

So I would love if one of you business or accounting types could help me with this.