You’re at a good point in your life. The family is growing, the job looks good, life is promising. You need and want a bigger home. This brings about a number of questions:
How can you afford another home while still having this mortgage?
How much home can you afford?
What do you need to do on your end to make sure you can get the new mortgage?
Can you hold on to the first home and rent it out?
Should you even consider becoming a landlord?
The answers to these questions are as varied as you are from everyone else. Yes, there are some generalities but your particular circumstances demand a proper analysis and appropriate answers. Rest assured that there are several ways to manage the period between buying the new home and selling the old home. Just as importantly, there are loans that allow you to keep the first home and turn it into a rental property.
Get started with a discussion of how you situation can benefit from one or more of the options available to you. Then you will see for yourself that some options are desirable and possible while others may not be worth contemplating. Schedule an appointment today to get your questions answered: