Double Primary Residence Mortgages

[Sam Alpha]

I purchased a property with the intention of selling my primary residence (5/3 - suited for a family with kids; 3500 sq.ft.; ) and making the purchased property my primary residence. Due to this, I applied for a primary residence mortgage, on the purchased property.

I have put my current home up for sale and have had little activity, despite it being priced aggressively.  In researching, I found the low activity is contributed to 4 major factors:

i) start of school

ii) increased competition from new builders (priced about 10-15% higher)

iii) lack of a swimming pool (to cater to the younger ones)

iv) price point ($450k)

*There are 3 comparables that have dropped the price by $40k over the last 30-45 days, but are still remain under ACTIVE status.

I am prepared to wait till demand picks up a little or the right buyer comes along.  However, in the meantime, I would like to rent the purchased property to avoid the burden of a double mortgage.

How should I proceed from here?

Thanks in advance.

[Andreas W.]

If you already purchased the new property, why don't you wait with refinancing it until your "old" property has been sold? I would not get tenants into a property you are about to sell, especially not at that price point. It is much harder to sell.