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Old 01-05-2011, 05:37 PM
 
205 posts, read 603,079 times
Reputation: 62

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I was wondering if one has a home with a mortgage but wants to rent it out instead of sell it (for the time being), does it make any difference in applying for a mortgage on a new home whether the current home is rented out yet or not?

Is one able to borrow more or more likely to get loan if it is rented out first? I'd rather not rent it out first/yet until I can get a new home and move everything over in one pass than to use a storage facility, multiple moves, and bother with being a landlord before getting a new home.

Also was wondering, for home sales or mortgages, is there anything like a contingency of a home being rented/leased prior to or after sale of new home, like there are contingency clauses for selling an existing home before buying new one?
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Old 01-05-2011, 05:40 PM
 
205 posts, read 603,079 times
Reputation: 62
Oops, wrong forum. I see a similar thread to mine too, in the correct forum. Forum moderator, please delete this thread, I can't seem to delete it.
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