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Originally Posted by zetazeta
Yep that's exactly what our plan is. We can afford the new place even if we fire sale our current home for significantly under market value. Got an open house this weekend so fingers crossed we get an offer we can pounce on!
We ran the numbers with our mortgage broker thanks to the suggestion from EvoFire and in the worst case scenario where selling doesn't make sense, we would be able to afford both places if we rent the first place out.
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To give you a bit more perspective on the whole mortgage thing.
We took the keys at our new house before we closed on the old one. We did have an accepted offer though. Our mortgage broker managed to get a larger than required mortgage for the new house at a few basis points higher than the lowest he can get, but it covered the whole amount we needed. Once we've closed out the old place we refinanced the whole thing and got market rate for the house.
There's quite a few ways to play the game without ending up with a 10% bridge loan over 3 months.