All Topics / Help Needed! / Buying a New Home Before selling first home..

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  • Profile photo of rainstarrrainstarr
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    @rainstarr
    Join Date: 2006
    Post Count: 1
    March 9, 2006 - 4:49 am

    I am purchasing a new home in another state. I submitted the offer contingent upon me selling my first home however, the sellers received another offer so I had to lift the contingency or lose the home.

    I am now in a situation where I have not sold my first home and I need to know the best way to finance the new home without depleting all of my savings.

    Should I pay off the First Mortgage and own that home free and clear? or should I keep the First Mortgage and put down 20% on the new home.

    I really don’t want to carry two mortgages[angry2]

    Thanks
    Donna

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