Yes, you can purchase another home before you sell your current one.
For some homeowners, the timeline works better when they already have a new home—especially in a fast-moving market. Before making an offer, consider the following:
- The current health of your finances.
- Stress and uncertainty may occur when taking out multiple loans.
- Interest rates may not be favorable when holding two mortgages.
There are a few ways to mitigate risk and lower your monthly payments, such as making a contingent offer. A contingent offer, though less attractive to sellers, is a great way to reduce risk and keep payments low while transitioning between homes.
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