refinance now or purchase new home

Based on your question I would refinance the current loan assuming you qualify and the current loan is HARP Refi elligable. Do it now while it is your primary residence and considered owner occupied. Then if you go through with you move you will more than likely qualify for more on the new purchase since your debt ratio will be lower. There are several other variable to consider and to many to list in this brief response. Would be happy to go into more detail when you call. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Because you are upside down, taking advantage of HARP 2.0 would allow you to obtain a much more favorable rate on the First Mortgage. The problem would then be, you will be committing yourself to "Owner Occupancy" of the townhome. This would prevent you from being able to purchase another home and call it your primary residence. Doing so would be considered a form of loan fraud. You could of course buy a new primary residence and then see what you might be able to do with refinancing the townhome as a rental property under HARP 2.0 I have not yet seen the details of non-owner occupied HARP 2.0, so it is unclear if there would be any improvement. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

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