Most people need the firm sale of their existing home before the lender gives them money to buy another.
It’s frustrating, but even if your credit is good and your income is steady, the lender will only approve the purchase of a new home if you can carry your existing mortgage and the mortgage on your new home at the same time.
If you can handle both payments it puts you in a favourable position and you can start to get ready to sell your home—free info on that HERE.
If you have to sell first, don’t despair, it just means you’re like most people 🙂
Your first step is to find out what your home is worth. If you like, send me an EMAIL, and I’ll send you recent sales in your area. We call these comparables (or comps) and use them to come up with a likely sale price for your home.
Once you have an idea of what your home is worth, you can visit a lender, and they’ll let you know how much you can spend on your new home once you sell.
This all starts with a conversation, and I’d love to hear from you!
Interested in finding out more about getting your home ready to sell?