Is it possible to get a mortgage when you already have one on an existing home?

i want to rent my current home but im not sure i can get a mortgage for my new home, can I? How does that work?Is it possible to get a mortgage when you already have one on an existing home?
If you have to carry both mortgages, you should get a rental contract on the house you're leaving and the lender will show that as income to balance out some debt against that mortgage. I'd check with the lender on that and start looking for a renter.Is it possible to get a mortgage when you already have one on an existing home?
Certainly, you may get another mortgage on an additional home.


You would have to have a contract on the first home and checks to prove it was rented.


In some cases, distance between the two homes is a consideration with, credit history etc.


It would be best to consult with a mortgage lender in your specific area and clarify with them, whether or not you would be in a solid position to do this.
Toolate,





How long have you been in the home you are trying to sell?





If you could pay it off faster or build equity faster and save a ton of money would that be of interest to you?
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Yes, this is possible. Usually banks require that you live in a property for 1 or 2 yearsa fter purchase. this is because there are different rates given for owner Occupied loans as opposed to Non-Owner Occupied (NOO) loans.





You'll need to have income that can afford the second loan. Basically a job that shows you make money and can afford the home.





When you start to get a lot of mortgages then many times banks will not work with you individually and you will need to use a mortgage broker. Different banks have different limits on the number of mortgages they will allow. Some allow 5, some 10. If you hit 10 or more it will be better to start working with a mortgage broker as you may get better rates because they want to keep you a happy customer that returns to them time and time again.





I have 3 mortgages on 3 different properties.





Good luck!