Many people find themselves wanting more space at home or needing to change their address for whatever reason. In this situation, homeowners are trying to sell their current home while they look to buy a move-up home. Timing is everything, and it’s important to know what your options are before making any final decisions.
The first, and most important thing to do, is to get your current home in tip-top shape for the market. It is difficult to get qualified for two mortgages – even more so in a slow market. By carrying two mortgages, you will be able to buy a second property before you have sold your first home. The more common situation is to sell your current home and rent for a short period until you find your new home.