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Updated 11 months ago, 02/19/2024

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3
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1
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Rafa King
1
Votes |
3
Posts

How to get a loan for the 2nd primary house which is cheaper than my current one

Rafa King
Posted

I am planning to buy another house as the primary residence and rent my current one out. The bank said that they won't do it because the new house that I can afford to is cheaper than my current home value. Several walk-around were provided:

1. New house is closer to my work: not possible as my current address is very close already

2. Better schools: not sure if it works as my child is still in private preschool. Does it also mean as long as any school (such as high school) is better?

3. I move out of my current house for at least 3 months. That way my current house won't be counted.

It seems #3 is the only viable option but I am not sure if the mortgage broker is right or not. Appreciate if you have similar experience or any suggestion. 

Thanks!

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