Profile picture for dcurban22

Double Mortgage

We are in the process of trying to rent out our current house while looking for a new one. What is the best way to avoid paying two mortgages in trying to find a renter, and move at the same time? How do you time that when you haven't even begun to do either? What are good strategies?

  • January 17 2014 - Upper Marlboro
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Answers (1)

Profile picture for wetdawgs
Step 1:   start with a lender to review your financial details and your goals.   This will help you identify if you have enough equity in your current home to be able to count some of the rent or if you have to qualify for carrying both mortgages.    This review will help you develop your strategy moving forward.


Step 2:  If it will work financially to rent,  then identify when the property will be available for rent.  Perhaps that is one day after closing on your new home, or perhaps you need a couple of weeks to spiff it up to make it rent worthy.   Once you have this information to create a starting date for renting, you probably need to advertise 2 to 4 weeks in advance to find a tenant.

  • January 17 2014
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