Can I buy a house before selling my other one?

Answer by  Karen54 (971)

Yes, you can buy another house as long as you have the financial resources. The problem with buying another home when you still own a home is that you may end up with double mortgage payments, two tax and insurance payments as well as the burden of maintaining utility payments on both locations.

Answer by  supercharli85 (51)

Yes. The most important thing to know is that you can afford two mortgage payments. However, when you buy a new home, you will not have to pay the mortgage for several months.

Answer by  Jason41 (229)

If you don't need the money from selling your current home, your lender should be able qualify you with your current mortgage payment. If you qualify, then you should have no problem. If you don't qualify, then yes, you will have to sell your current home before closing.

Answer by  Sockless (528)

If you have good credit, you can get a new mortgage while still maintaining the original, as long as you have enough money to cover both. Or you can buy it with a contingency escrow where you promise the proceeds of the old house as a down payment when sold.

Answer by  ravishanker (155)

No don't buy. you will get into money shortage if you are not able to sell the old one at the correct time or for good amount.