Buying Before Selling Questions
Explore questions about buying your next home before selling your current one.
How do I qualify for two mortgages?
Quick Answer
You may be able to buy your next Michigan home before selling your current one. The key question is whether you can qualify while you still own the first home. I will review your income, existing and proposed housing payments, other debts, credit, and money available for the new purchase. If your current home is pending sale or you plan to rent it out, documentation and qualifying rules may change the calculation.
You do not necessarily have to sell first. The best approach depends on how much equity and cash you have, when you expect to sell, and what monthly payment feels comfortable during the overlap.
Theres options to do a bridge loan, or do a mortgage recast, along with other ways to create a strong offer without needing to sell your current home first. You could also consider keeping your current home and renting it out. I can help figure out what option makes the most sense for you and your situation.
Still have a mortgage question?
Every situation is different. If you’re not sure which option fits your situation, tell me what you’re trying to accomplish and I’ll help you understand the next step.