With 20% down you should be able to obtain a mortgage at a good rate. If the property doesn't appraise at sale price, you can put down the difference. While you own two houses, liquidity is better than a smaller mortgage. After your existing home sells, you can decide what to do with the mortgage. There can be unexpected expenses when selling. Inspections are cheap. The inspections may find water or termite damage that you need to repair before listing. Even if the selling prices are the same, there are expenses associated with selling, buying and moving.
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