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re: Buying a new home but still have to sell current house
Posted on 4/4/18 at 12:14 pm to LSUvegasbombed
Posted on 4/4/18 at 12:14 pm to LSUvegasbombed
Do a 90% bridge loan on current home to put the largest down payment on new house
Do a traditional mortgage for the ~25% needed for new home.
When you sell current home the bridge will be paid off (pay interest only until then). Will have the 10% from current home back to yourself and just have the house note of ~25% on the new home
Profit...
ETA: Can do less than 90% if you would like, just a larger note on new home which will have a mortgage on it longer. Depends on what you prefer
Do a traditional mortgage for the ~25% needed for new home.
When you sell current home the bridge will be paid off (pay interest only until then). Will have the 10% from current home back to yourself and just have the house note of ~25% on the new home
Profit...
ETA: Can do less than 90% if you would like, just a larger note on new home which will have a mortgage on it longer. Depends on what you prefer
This post was edited on 4/4/18 at 12:16 pm
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