I received a new job and need to relocate in order to take it. How can I buy a house while I am waiting for my other house to sell?
You need to speak to your bank or mortgage lender about a bridge loan. This is short term financing that will allow you to buy a new home, while your old home is on the market. Often the payment on the bridge loan can be minimal, interest only as one example.
The bridge loan "bridges the gap" between the two homes. This loan is on the old home and represents the equity you expect to collect from the sale. These funds are used to buy the new home.
The problems here are if the sales market for your old home is slow, or there isn't sufficient equity anticipated to come from the sale. Today's housing market is in turmoil at best. You may need to speak with more than one lender, depending on your circumstances.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
You need to speak to your bank or 