early termination on my lease and getting a mortgage?
my lease is up in 13 months and I just received money from a trust that is enough for a down payment. to end my lease early no matter what it is $1700. i don't want to throw that money away but i'm aware it's smarter to buy now instead of spending 12 more months of cash on rent. BUT here is my concern: is an early lease termination going to impact my ability to qualify? i don't want to do it and move in with my parents only to find out i'm not going to get a mortgage as a result. by kafkawaites74623498 from Calera, Oklahoma. Oct 2nd 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Early lease terminations will not affect your ability to qualify.. and you are right.. by paying on a mortgage, you will gain more than $1700 in equity over the next 13 months, so it's much more prudent to purchase now, even if you have to pay a termination fee. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Nick Utesch (nick@valoansok.com)
#2 ranked lender in Oklahoma - 22 contributions
Hello,William is correct. In most cases, a lease termination shouldn't affect your ability to qualify as long as you pay the fee the landlord requires to break the lease. My name is Nick Utesch and I'm a mortgage loan specialist with Progressive Financial in Oklahoma City. We can work statewide and I'd love to help you evaluate your options. You can reach me at 405.308.4208. Thank you! Nick Utesch / NMLS ID #214427 / 216693
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