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Reply to "Buying a second home without selling the first"
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[quote=Anonymous]We did it a bit differently. The mortgage on our first house was a 15-year so the monthly payments were high even though the balance of the loan was fairly low ($100K). That hurt us a bit because the house we were buying was pricey and between the two our monthly debt to income ratio was fairly high. So what we did was took out an interest-only home equity loan for $250K paying off the first mortgage with it. That lowered our monthly debt to income ratio by A LOT. Our monthly obligation on our first house was now only $800 versus $2300. Because of that we were able to qualify for the mortgage on our new home. It took some maneuvering and cost us some money, but it worked out for us.[/quote]
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