Posted on: 15th Jun, 2010 05:52 pm
My husband and I live a small home with three kids. We found a home we would like to buy that is better for our family. In order to buy the bigger home we must sell our current home. The market is slow in our area. Homes aren't selling very fast. We need the extra money from selling our home to fix up the bigger home. We have thought renting our current home and just buying the bigger home. How difficult is this. We know we can only handle one mortgage payment. Can you put two mortgages on one loan? What are our options?
Hi dknowless,
You can rent the current property and buy a new home. However, in most cases, the lender will want you to sell off the current property, clear off the mortgage dues and then buy the new property. As there would be two separate collaterals, you won't be able to put the two mortgages into one.
Thanks
You can rent the current property and buy a new home. However, in most cases, the lender will want you to sell off the current property, clear off the mortgage dues and then buy the new property. As there would be two separate collaterals, you won't be able to put the two mortgages into one.
Thanks