How to Get a Mortgage Before Moving

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Getting a mortgage before moving may be something we don't necessarily think about. Get a mortgage before moving with help from a real estate and mortgage professional in this free video clip.

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Hello, this is Sidney Potter of Pasadena, California of Potter Equities. Thank you for your time. I've been asked to comment on how to get a mortgage before moving, something that we typically don't think about but it's something that you should be aware of. I've got a couple of excellent tips here that I think might be helpful so please do listen. Critically important, first and foremost, the employee, have a job. I know that sounds rather crude and perhaps a bit of an overreach especially when you're going to make a move is that you be gainfully employed. Now let me point something out that your average listing or your average mortgage broker loan officer probably won't point out, and that is if you're anticipating moving and you're not employed, still apply for a mortgage loan. And that is that you'd apply for a mortgage loan if in fact you're a co-borrower, let's say your spouse, your husband or your significant other, whatever your situation is, you'd put them in perverse position as a primary borrower and then you would be the co-borrower and they're not going to rely so much on you having a job per se. So fear not, if you don't have a job I'd still apply for a mortgage loan when you're anticipating moving but I've got to tell you it certainly helps to have a job and that's what lenders are certainly going to focus on. Now there are some exceptions to the rule if you're in fact the co-borrower and you're not the primary borrower and you don't have a job. Most lenders rather will rely upon secondary income. Secondary income could be from rental properties that they have, could be from stocks and bonds that you have. They could be some other type of passive income let's say, spousal support or alimony might even make a difference, some type of continuous reoccurring income where it precludes you from having a job. So if you find yourself in a situation, fear not, there's lots of winners out there that have other ways in which to make it ink out. But most importantly, hopefully you do have a job and it becomes very important in considering relocating. Now if you have a situation and you're considering moving, not all of us have the capacity to have two mortgages at the same time. Well there's a way around this, at least a way to help lessen the blunt at least in terms of a liability perspective. You can always rent your house out. That's certainly going to make up for the income or the loss of income that you'll have going towards that mortgage. If it's too expensive and you can't handle that, I would absolutely recommend potentially renting out the house. Another item that I would highly recommend in terms of anticipating your expenses, get a relocation calculator. Most websites you put that in a search engine, relocation calculator, would be a great way to at least give you a sense of anticipation on what your expenses are going to look at before you get a mortgage, before you leave actually and lastly, I always like to give websites out because they're great utility tools. I would go to Realtor.com, a wonderful tool that's going to give you resources and particularly mortgage lenders that look for folks that are moving and secondly I would go to Lendingtree.com. They are an excellent resource as well. So with that this is Sidney Potter. Thank you for your time. I'm with Potter Equities in Pasadena, California and as I wish all very well, I'll see you at the finish line. Take care.

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