Buying & Selling Can Be Stressful
DMG Will Keep You On Track
Getting Started
With careful planning and the right financing, it’s possible to buy and sell a home at the same time. It’s a balancing act and timing is critical to make your move as painless as possible. Durand Mortgage Group offers you several solutions to help make your move easier.
The first step in determining what options work best for you is a thorough review of your credit and finances.
Here’s a list of items you’ll need to get started:
- A copy of your government issued photo ID
- Two most recent pay stubs
- Two most recent and complete bank statements
- Two most recent and complete tax returns
- Two most recent W2s
- Statements for any assets you want considered
- Market value estimate of your current home
- Most recent mortgage statement
Explore Your Options
Home Equity Line of Credit
If you have enough equity in your current home, a home equity line of credit (HELOC) can help you obtain the cash required for the down payment and closing costs for your new home.
A HELOC is a revolving line of credit and will use your current home as collateral. Since a HELOC is backed by your home, they have relatively lower interest rates. You don’t pay interest until you need to use the funds allowing you more flexibility and time to find your new home. Once you sell your current home, you can replay the HELOC with the proceeds from the sale.
Bridge Loan
A bridge loan can help you bridge the gap between buying a new home and selling your current home. You can use a bridge loan to purchase a new home while you wait for your current home to sell.
A bridge loan is a short term personal loan, typically between 60-120 days that allows you to pay for the down payment and closing costs for your new home. It does not use your current home as collateral so it comes with a higher interest rate. You make interest only payments during the loan term and the full principle balance is due.
There is no one size fits all solution when
buying and selling a home.
Contact Durand Mortgage Group today
to help you map out a plan for success.