I m wondering if you can get a mortgage if you for example want to upgrade your condo to a more expensive one. So say you own a place for 350000 already and want to get a place for 550000 or something, would you have to get approved for a 200000 dollar loan after you sell your first place since you have 350000 cash to put down or would you have to get approved for a 550000 dollar loan because a loan is technically the bank buying the place and you have to pay them back correct? If so it would be a lot more difficult to get qualified for the higher loan so I m just wondering what the rules are. Thank you.
Read more: Can you get a mortgage if you have a place already and want to get a more expensive one?
