The real estate market is competitive, and you might find yourself frustrated if you’re trying to buy a house before you sell yours. Timelines during both transactions are important. Let’s take a closer look at some information that can help.
💼 401(k) Account Loan
Most employers allow loans against their employees’ 401(K) Retirement Accounts to buy a house. This is a low-risk and low-cost way to finance your home purchase before you sell your current house.
🏦 Unsecured Bridge Loans
A Bridge Loan provides funds for a short period of time until another source is available. In the context of the home loan market, a bridge loan allows you to close on the sale of the new property before you close the sale on the old house.
📱 Contact RL Real Estate Group
The ins and outs of buying a house while selling a property can be tricky, but we are here to help. Give us a call today at 📱 605-212-8431. You can even text us!
💰 Home Equity Line of Credit
Getting an unsecured bridge loan is not possible without a binding contract of sale. In this case, you can get a home equity line of credit (HELOC). A HELOC allows you to get the amount you need to close the sale on the new house.
💵 Secured Bridge Loan
The mortgage lender that finances the purchase of your new property may be willing to give a secured bridge loan on your current house as a marketing incentive. The disadvantage of this option is that the loan rate may be higher.
🤔 How to Buy a House Before You Sell Yours
When choosing the best route for you, it is best that you consult an expert to give you a clearer and deeper understanding of each of these options. This way, you are guaranteed the best possible results. Get assistance from a reputable real estate company like RL Real Estate Group. Reach Regan Laughlin and her team at 605-212-8431.