I know what you’re thinking…why would you need more than one mortgage at a time? Other than, obviously, if you want a vacation home (who doesn’t)? Well, sometimes when you’re in the process of moving, you need to purchase a new home before you have a chance to sell your current home. Certain situations like getting a new job can cause you to have to make a quick get away from your current home.
The answer is yes, no and maybe…
It really depends on your situation. First, it is possible to have more than one mortgage at a time – yes. But much of the answer is determined by your current financial situation.
Here is the big question….can you comfortably afford the cost of two homes?
Not just the mortgage, but the cost of homeowner’s insurance, any potential mortgage insurance, taxes and so on. If you can, then you have your answer – yes, you can have two mortgages at once. If you can’t or you are unsure, you have another option!
Renting is the sweet solution to your dilemma. If you can’t easily manage the cost of two homes, then why don’t you find someone who is willing to pay your mortgage (and often more) for you? Free money in your pocket – and problem solved.