What Is A Principal Reduction...And Why Should You Care | скачать в хорошем качестве

What Is A Principal Reduction...And Why Should You Care |

Welcome to another episode of #AskTonyB! This week we’re talking about what happens when you buy a home and the house you live in currently is on the market but hasn’t sold yet. Recently we had a Client go through this process and what happens is as a Lender we help them set up a one time principal reduction. That means their home closes and they put a lower percentage down. In a month or so when the other home closes they set up that one time principal reduction and then they can get rid of the mortgage insurance or do whatever they want with those funds to setup a lower payment down the road. In the market we are in right now this has been beneficial to Clients where sellers have multiple offers and will not accept a contingent offer on the sale of your home. So if you’re thinking about buying a new home and qualifying with the payment on your old one that’s the best way to do it. Go non-contingent, make an offer and do a one time principal reduction after you get into the new house. See you next week on #AskTonyB! Facebook:   / teambyrnelending   Website: http://spokanemortgageguy.com/