Buying a new home when you already own a home...
My husband and I still live in the first house we ever bought (6 years ago), so we haven't experienced the "move up" house-buying scenario yet (buying a bigger/better house to raise a family), but I'm looking to the future and want to know what our options are.
Assume, for the sake of argument, that you can't qualify for both mortgages simultaneously. How do you qualify for a loan, and what are the requirements related to selling your current home? Does it make a difference if you're buying in the same area versus another state far away?
I'm just trying to understand the process and requirements. Thanks in advance!