[everyday262003]

...1st mortgage? I am thinking of buying a new house but would need to get a second mortgage to pay of my second mortgage on the house I already own. Is this possible? The home I am thinking of buying is selling for $448000 but appraised at $600,000 so it has plenty of equity. I am just affraid that my home that I am living won't sell in order to pay of the 1st and 2nd.Total 1st: $265,000Total 2nd: $118,000Mostly likely will sell for $330,000 or above quickly. So I need $53,000 to pay off the second on my home that I am living at.I can afford a $600,000 home. I just down have $50,000 in the bank to pay the second.I have $10,000 for a down payment. I am not sure if I could rent it for my monthly mortgage payment. What if I bought the home for $50,000 extra and the owner gifted me the $50,000 to pay the second?

[Froggy]

Thinking like this is the reason this country is in the mess it's in.

[Andrea J]

The real estate market is quite unhealthy right now. It is not the time to be selling your home and it's almost guaranteed that you won't get your asking price. Mortgages aren't easy to get these days. I would sit tight and wait until the market improves before doing anything.