New to mortgage never had one need insight

[Joecooltech]

. The current home I’m in is paid off given to me by my mom but I’m looking to possible upgrade. What goes into buying a home is it like buying a car? If you have the score and can afford the payment bang your done? Can I use my current home as leverage to buy the other home or do I need to sell the first property to buy the second ? Forgive me if these are dumb questions I know a lot about credit but I’m clueless to the mortgage thing?

[CreditInspired]

I'm sure others will come along with answers but since I'm the first, I'll get the ball rolling. And no question is dumb!

However, I have to start with some questions first.

1. How old are you?
2. Is the deed to the house presently in your name?
3. I know you said the house is paid off, but is the title free and clear -- no liens, no judgements, no other possible heirs.
4. Do you have any credit cards, auto loans, student loans, etc., in your name? If yes, are they in good standing?
5. If no, alternative credit may suffice depending on the lender (e.g., rent history, utility payments, cell phone bill in your name).
6. What are your mortgage credit scores from TU, EX, EQ?
7. How long is your credit history?
8. Do you have any savings for down payment or closing costs? If no, funds could come from sale of your house. 

Now, to get you started depending on answers to the above:

• You can start with a Realtor to do a Comparative Market Analysis (CMA) to determine what your house is worth. I suggest interviewing at least 2-3 Realtors. Depending on your area, if you list the home, the fee could be between 2.5 - 3% of the sales price, payable at closing.
• Or, you can try and sell the home yourself as a FSBO (For Sale by Owner) or through a discounted real estate company like Redfin for a lower fee.
• If you decide to list the home with a Realtor, any contract for the purchase of a new home would be contingent on your selling the home that was given to you. This way, closing will happen simultaneously on the sale of your home and the purchase of the new home.
• There are also many fees associated with buying a house.

Things needed to buy a house:

• 2 years employment in the same field
• 3 mos of bank stmts
• Last 2 years W-2s
• Some lenders want to see money in savings or a 401K or reserves
• Middle score of at least 640. The higher the score, the better the interest rate

Hope this give you some ideas

[JVille]

In reading another post of yours I notice you work for USAA. Why don’t you sit down with a trusted co-worker and get your strategy, based on your personal situation figured out.
And No, a Mortgage Loan is like a whole different Universe compared to an Auto Loan.