This is absolutely possible, however if you will need to finance the new home, you would need to speak with a lender to discuss whether this is possible. Some lenders will offer you a blanket loan (wrapping both mortgages together), offering you a reduced payment on the combined mortgages, in which you'd satisfy the additional portion wrapped in (from your existing mortgage) upon sale of your current home.
I hope this helps.
Ccentury 21 Diversified
Hi Dawn, I could help to get you in contact with a mortgage lender that could better answer that question after they look at you current financial situation. Please feel free to contact me to discuss in detail. Thanks,
Hi Dawn - It would depend on your financial situation. I would suggest talking to a mortgage broker or lender to see if you would qualify. If you are upside down on your mortgage, I would say no, you can't purchase a smaller home then sell your present home. But if you are not upside down, you may qualify, depending on your financial situation.