RetireJapan

Hello, so the situation is this. I am currently on a home mortgage to a house I bought recently. I would like to pay off the full amount of the mortgage (it is possible with a small fee according to details of my loan contract) and then I will own the house with no debt.

The question is if I want to move to a different area and buy a new house (new or used) would I be able to get a new home loan? Meaning with the very low interest for home loans (as the current I have)? Or would there be any problem the fact that I already own a house?
I am also willing to rent out the first property.

Please help me if anyone has done something like that.

Thanks.

My brother-in-law did this. If your loan is paid off and you are resident in the new property then a new mortgage shouldn't be a problem. Problems arise when you have two loans at once.

Banks look at your existing debt. So that includes a house loan, but also car loan, education loan, anything else more major than a credit card.
So no reason why simply owning another property with no mortgage would be an issue.