How to Get a Mortgage When Relocating

Save
Next Video:
How to Get a Mortgage Before Moving....5

Getting a mortgage while also relocating requires you to keep a few things in mind. Get a mortgage while relocating with help from a real estate and mortgage professional in this free video clip.

Part of the Video Series: Finance Tips
Promoted By Zergnet

Comments

Video Transcript

Hello, this is Sidney Potter from Potter Equities, Pasadena, California. Thanks a lot for your time. I appreciate that today. I've been asked to comment just briefly on how to get a mortgage when relocating. That's something that you may or may not come upon but certainly if you do I think you're going to find this very valuable or rather invaluable in terms of information that I can give to you that's going to make the process a little bit more fluid. First and foremost, if you're anticipating a relocation and you have to get a mortgage loan, go to your employer. They have what you call relocation programs that may be beneficial to you. You'd be very surprised. Many of the Fortune 500 companies have what they call RMA, that's Relocation Mortgage Assistance. If your company does not have a Relocation Mortgage Assistance Program, fear not, what I would recommend and there's several sources you can go to to get a relocation mortgage specialist is potentially, if you don't go to your employer go to your bank where you bank at, go to your lender. Even if you don't have a loan with your lender or with your bank, go to your bank. They have inhouse relocation mortgage programs and it's not because they do that on an occasional basis but they do that actually for reciprocity. They find out if they're able to retain the business on someone whom they have an outstanding mortgage with and they can relocate them and instead of giving up that mortgage they can retain them as a client. So fear for not. If you find yourself in a situation where you have to go solo in terms of getting a Relocation Mortgage Assistance Program, I would recommend going to some of the larger brokerages out there. I don't usually drop names but I mean Century 21, Prudential, Keller Williams, those are the go to players that actually have specialists in their industry where they can, for lack of a better euphemism, hook you up, if you will to a mortgage relocation specialist that give referred financial rates on their mortgage. Now if you have to go this route, what do you want to do numero uno? The first thing you want to do when you're thinking about moving is get preapproved. If you're going to a different part of the country, some of the guidelines might be slightly different and some of the points and some of the interest rates even though they're tied to the ten year treasury might be slightly different. There are specialists in this area, think of it almost as a triple A card that we always use. It's such an extreme discount in terms of the rates that it makes sense to go to a national provider that have specialists that work in this area. What I would also recommend if you have to move and you're thinking about relocating is once you've made the decision and you've gotten prequalified, get your home listed. Now this assumes that you own a piece of property right now and you're going to buy another home. If you don't own a piece of property and you're a renter rather, then certainly all of the above is not applicable to yourself but you'll want to get your home listed, that's first and foremost, after you do that, and you've gone to the multiple sources in which to get a relocation specialist, you want to ask specifically do they have a bridge loan. Now what's a bridge loan you may ask? A bridge loan is when a relocation specialist will actually put a moratorium, a temporary stop wall if you will on the mortgage payments you make. Now that can go up to six months. A lot of folks don't know about this but it's certainly possible. And I would also if you do get a bridge loan, where there's a moratorium and you're not paying two mortgage notes at the same time is that you would tie that actually into the purchase contract onto the second home that you're buying, meaning that there's no reason to buy the second home if in fact your bridge loan isn't fully executed because you couldn't sell your first home. It's a great way to give you a little bit more leverage and find yourself in the situation or to avoid a situation where you have two active mortgages. You may not have the capacity to pay for that. I will also say if you happen to be very fortunate and this is going back to the first point where your mortgage or your employer has a Relocation Assistance program, it's very important, they may actually even buy your home from you. Now that doesn't happen as often today as we'd like it because some of the properties or many of the properties, rather are under water and no one likes to write a check at escrow but that's certainly an option. So let me recap there in terms of how to get a mortgage loan when you're relocating. Numero one, ask your employer. They could have a great Relocation Assistance Program. Ask your bank, they want to retain your business even if you don't have a loan with them, ask your current lender, whomever that may be, they would love to retain that business and/or as a national real estate firm. Those should be four opportunities to get the right type of experienced folks on your side and make the process absolutely seamless. At the end of these tidbits, these videoettes that I like to call, I give suggested websites. I would recommend Thenationalrelocation.com, wonderful website, great resources and I would also recommend Relocation.com. With that, this is Sidney Potter. Thanks for your time and I always say at the end of my discussions with folks, I'll see you at the finish line. Good day.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!