Question for the lenders: my wife and I are looking to sell our first home and purchase a bigger home this spring. We are looking at possibly trying to sell and buy at the same time with a contingent offer, not yet sold on this though.
We plan on using the proceeds from selling our house towards the down payment on the new house as well as paying off some student loan debt to make the larger mortgage payment easier to handle. My question is how is this handled during the pre-approval process knowing there are debt payments that will go away by the time we close on the new house, or is this a non issue all together? Sorry if this is confusing... but thanks for the help
We plan on using the proceeds from selling our house towards the down payment on the new house as well as paying off some student loan debt to make the larger mortgage payment easier to handle. My question is how is this handled during the pre-approval process knowing there are debt payments that will go away by the time we close on the new house, or is this a non issue all together? Sorry if this is confusing... but thanks for the help