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Dina Tennant
949-295-6278
dina@dinatennant.com

CalBRE# 00454480
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Dina Tennant
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949-295-6278
dina@
dinatennant.com

CalBRE# 00454480
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Work With Me
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Please let me be your Realtor® of choice: I Can Help You!

Maybe someone you know maybe be able to use this information, please share this with them.

Referrals are an important part of my business! Please remember me as your Realtor®.

Thank You, Dina Tennant

If your home is listed with any Realtor, please disregard this notice. It is not my intention to solicit other brokers’ listing.

Buying a first home is hardly easy, but it pales in comparison to buying your next home. Usually, two transactions are involved: the purchase of the new home and the sale of your current home. In other words, double the complexity.

Most homeowners would rather know where they're going to live next before they let go of their current home, particularly if they have small children. However, stringent lender qualifying requirements make it impossible for most buyers to buy before selling.

Lenders require enough cash for a down payment and closing costs without having your home sold. You will also need enough income to qualify carrying both homes. If you don't have enough income to qualify but it makes sense financially for you to keep your home as a rental property, the lender will use a portion of the rental income to help you qualify for the mortgage you need to buy the next home.

HOUSE HUNTING TIP: Buyers wedded to 30-year fixed-rate financing can make qualifying easier by changing to an adjustable-rate mortgage (ARM). There are ARMs that are fixed for a number of years -- say five, seven or 10 -- before they convert to an adjustable. These loans are available at much lower interest rates than 30-year fixed-rate financing.

If you plan to stay in the new home for longer than 10 years and want to take advantage of today's low fixed interest rates, you can refinance after your current home is sold. If you take this route, make sure there isn't a prepayment on the fixed ARM. Also, be aware that the interest rate on a 30-year fixed-rate refinance loan is a bit higher than it would be on an equivalent purchase-money mortgage.