I figured I'd ask this here while waiting for the bank to open.
Currently I have a mortgage on my condo. I've put my condo up for sale now. In the meantime, I've started building a house. I've paid for the draws out of my own pocket, so once the house is done, I just need to get a new mortgage. My question is:
If I haven't sold my condo by the time I have to apply for my new mortgage, will that effect my ability to get that new mortgage? Is the bank smart enough to know that my original mortgage will be paid off once I sell my condo? Will it think I'm trying to hold both at the same time?
Thanks.
Currently I have a mortgage on my condo. I've put my condo up for sale now. In the meantime, I've started building a house. I've paid for the draws out of my own pocket, so once the house is done, I just need to get a new mortgage. My question is:
If I haven't sold my condo by the time I have to apply for my new mortgage, will that effect my ability to get that new mortgage? Is the bank smart enough to know that my original mortgage will be paid off once I sell my condo? Will it think I'm trying to hold both at the same time?
Thanks.