Is this a bad idea ?

My family is growing. I live in a 2-1 right now and it’s not big enough. My house is worth ~300 and I owe 140.

Is it a terrible idea to take out a second mortgage to buy a new house? I just don’t have anywhere to stay in between selling and closing. I figured I could get my down payment through my second mortgage, shop for the perfect place, then when I’m contracted with the new place with an end in sight I can put my current house on the market. My friends a real estate agent and said it’ll sell super fast. I would pocket the different and I would put a large amount down on my principlenof my new home so I can drop the insurance after exceeding 20% equity. Also, I would have enough left over to pay off some debt. Ultimately my life expenses would be lesser then if I stayed in this house.

submitted by /u/Fletchonator
[link] [comments]

My family is growing. I live in a 2-1 right now and it’s not big enough. My house is worth ~300 and I owe 140. Is it a terrible idea to take out a second mortgage to buy a new house? I just don’t have anywhere to stay in between selling and closing. I figured I could get my down payment through my second mortgage, shop for the perfect place, then when I’m contracted with the new place with an end in sight I can put my current house on the market. My friends a real estate agent and said it’ll sell super fast. I would pocket the different and I would put a large amount down on my principlenof my new home so I can drop the insurance after exceeding 20% equity. Also, I would have enough left over to pay off some debt. Ultimately my life expenses would be lesser then if I stayed in this house. submitted by /u/Fletchonator [link] [comments]

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