How can you buy a home BEFORE you sell your current home?
Are you worried about juggling your current home sale with your next home purchase?
Are you concerned about competing in multiple offers when you have a home to sell?
Are you worried you may sell your home and not find a new home to purchase?
Are anxious about how you will move out of your current home and into you next home all in one day?
A HELOC or Bridge loan might be a good option!
Here is how a HELOC for home purchase can ease your worries:
QUICK NOTES about HELOCS:
- HELOC stands for Home Equity Line of Credit.
- A HELOC is a second mortgage lets you access home equity much like a bridge loan would. But you'll get a better interest rate, pay lower closing costs and have more time to pay it back.
- You can't get a HELOC on a home that's for sale, so this option requires action in advance.
- The HELOC must be paid off (as well as all other loans that use the house as collateral) when the home is sold.
Want to talk about planning your next move? Contact Sarah Marrinan.
Want to talk loans? Call Tim Erickson or another lender and tell them Sarah sent you armed with the knowledge you learned here. :-)
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