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Reply to "Moving up to a bigger house: Is it possible?"
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[quote=Anonymous][quote=Anonymous]We have lived in a small house for about 5 years, which we think is too small that we want to move to a bigger one in 1-2 years. I wonder what would be the best strategy/timing to sell the current house and buy a new one? Houses that we want to move in are in 800k-1M range and our current house is valued at around 650-700k (according to Zillow and the recent sales) Ideally I want to buy a new one first and then sell the current house. But we have only 150k in cash+mutual fund. Current mortgage balance is 400k (monthly payment 2500) and HHI 220k. We may be able to take out some 401k loan (up to 50k) Is there a way to take out a loan to buy a new house without selling the current house or should we sell first and then buy? [/quote] sell first. Also note that a 401k loan is still a loan which counts against your monthly and you will need reserves to quality for a loan.[/quote]
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