Want To Rent My Current Home, To Purchase A New Home

[Charles May]

My wife and I are looking at buying a new home in the next 6 months to a year. My question is, am I able to rent out our current home under the original mortgage, but still obtain a new mortgage for the new home?

I've read that some banks won't allow you to do this (I am reading through our bank paperwork this weekend), but I've also heard that banks don't care as long as the checks clear every month.

Has anyone done this sort of thing, or have any knowledge of someone doing this. I don't think I would have any problems renting out my current home as I have already asked around about renting it and had several people ask me if it was for rent.

Bottom line: What are my options, if any?!?! Thanks in advance.

Charlie