How do I buy a new home before selling my current home?
What type of financing is available for this type of thing? I don't want to move out of my current house until the end of the school year. But I found a house I would like to relocate to in another state. I have about 200K in equity in this house. The new house costs around $400K. Whats the best way to go?
- theVisionaryLv 41 decade agoFavorite Answer
Line of credit or mortgage?
Ask your bank, and they'll help you out. You'll definitely need money of some sort.
- 1 decade ago
Not knowing what your income is, what you may have in the bank, or access to, It is difficult to answer you question with accuracy. But.. there is always negotiation as a starting point. Every seller and every buyer has their own story. Perhaps the sellers of the home you are considering need to move immediately, relocation, or perhaps they have found a home they would like to purchase. On the other hand, there may be no rush on the seller's end. Your ducks need to be in a row. If you are serious, take care of business now. On the other hand, If it is 'the' dream home for you, if it is a financially and emotionally positive move, weigh the options and do it now. If you feel you cannot, remember, there will always be houses for sale.
Bottom line, if you can afford two mortgages, you are all set. If you cannot, then you have to negotiate, wait or move.Source(s): Me
- LandlordLv 71 decade ago
People buy additional property all of the time. The loan will ne worded a little differantly because it is not your primary residence, but it is essentially the same. The bigest differance is that you can NOT claim your interest for the new house on your taxes, only the house you actually live in.
- Anonymous1 decade ago
Talk with your Loan Officer about a Bridge loan and some other available options.Source(s): http://www.choicefinance.net/calculators/
- How do you think about the answers? You can sign in to vote the answer.
- 1 decade ago
Talk to a lender about a "bridge loan". They are specifically designed for situations like yours!
- lake livingLv 51 decade ago
go to your local bank and apply for a bridge loan. be careful of this because you have to sell your exisiting home in a period of time. check with you bank.