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Preapproved for More Debt

May 4th, 2012 at 12:23 pm

Good news and bad news! We are preapproved for more debt. We applied for and were approved for a home mortgage. This would be debt in addition to our current mortgage. We didn't make the application contingent on having this house sold.

This is good news because it means we can begin looking for a new home to purchase. We don't have to wait for our home to sell to get into a new home. This actually relieves quite a bit of stress for me!

The bad news is this means more debt. We hope temporarily, but if not, it will be easily covered by our income.

We know we will sell this home and we know that it would could easily be rented. We already have a lead on a property manager that another soldier has been using and is very pleased with while he has been in Germany. We just don't have the luxury of waiting around while it sells before we have to have something else to live in.

We have found in the area we will be moving to that rental homes are very hard to find that accept our two cats! So many people don't accept pets. I do understand this from a landlord perspective though. Smile

That's the news here. Have you held two mortgages at once? If so why and when was it? I honestly didn't think we could get approved for another mortgage loan, but apparently our low credit and minimal debt make it easy.

2 Responses to “Preapproved for More Debt”

  1. FrugalTexan75 Says:

    That's good you were pre-approved!

  2. Jerry Says:

    It does have to lead to some confidence knowing that another soldier has worked with the property manager, so you have some insurance of a reliable track record. We do not have two mortgages, but we do have one on our home back in the US while living overseas. It is manageable if you have good tenants and good people back there helping you.
    Jerry

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