Buying New Home Before Selling Current Home? Get Equity Line
We have many buyers who want to buy a new home before selling their current home. They often want “bridge loans” to do so. A “bridge loan” is temporary cash out financing against one’s current home that is used to help finance a new home.
Our experience with bridge loans, however, has not been good. They are expensive, slow to process and often difficult to qualify for.
The better option we think is to obtain an Equity Line before the current home is listed. The other option is to pull no cash out of the current home and instead obtain “high LTV” financing for the new home (10%, 5% or 3.5% down) and then pay down the loan after the current home is sold.
Please feel free to call or email us for further details.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646