and you’re not renting out your old home? i see people buying new houses all the time and i wonder how it works. do you pay two mortgages till you sell your first house? what hapens ifyou never sell your house? can the bank sell it for you and apply the money to the new house?
A few ways to do this… if you can find a real bargain, you might be able to rent out an investment property for as much as, or more, as the repayments on it. Thus, the tenants are effectively paying your mortgage. This is most commonly achieved by purchasing a low-cost house, renovating it, and renting it for a higher amount than would have originally been attainable.
You can also raise money by putting a *second mortgage* on your home. This is a loan against the equity in your home, rather than against the capital value. It would almost certainly provide you with most of a deposit for a loan on an investment property.
I also have one friend who is a serial renovator. He renovates every house he lives in, and once it’s (beautifully) completed (he is very good at what he does), he buys and moves to another property needing renovation, and sells or rents out the old place. In this way, he’s made several millions of dollars, without any problems with juggling multiple mortgages.
Hope this helps. 
You may if your budget allows.
References :
A few ways to do this… if you can find a real bargain, you might be able to rent out an investment property for as much as, or more, as the repayments on it. Thus, the tenants are effectively paying your mortgage. This is most commonly achieved by purchasing a low-cost house, renovating it, and renting it for a higher amount than would have originally been attainable.
You can also raise money by putting a *second mortgage* on your home. This is a loan against the equity in your home, rather than against the capital value. It would almost certainly provide you with most of a deposit for a loan on an investment property.
I also have one friend who is a serial renovator. He renovates every house he lives in, and once it’s (beautifully) completed (he is very good at what he does), he buys and moves to another property needing renovation, and sells or rents out the old place. In this way, he’s made several millions of dollars, without any problems with juggling multiple mortgages.
Hope this helps.
References :
First your income would have to qualify you for making the payments on both homes, and you would have to show a ton of proof that you will be moving into the new home as an owner occupied property. They will most likley even do a post closing inspection to make sure. There has been so much fraud regarding loans that were "owner occupied" and they weren’t. The bank will take no part in the sale of the first home, that lies soley on you, and you must keep the payments current during the process. Many borrowers think that as long as the home is going to sell, they don’t have to keep up with the monthly payments, but they are incorrect. The mortgage company will penalize you by reporting any lates on your credit which will cripple your scores, and make any additional financing harder for you in the future. You will have to either sell the home or rent in month by month and show a lease agreement, that states monthly rent if your income will not qualify you for the payments on both the homes. Good Luck!!
References :
http://www.acgmoney.com