- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Buying new house before selling current one
Posted on 5/27/20 at 6:27 am to Teddy Ruxpin
Posted on 5/27/20 at 6:27 am to Teddy Ruxpin
quote:
You can HELOC (if you can get one now) your house now and use that money for the down payment on new house. Sell current house which pays off mortgage and HELOC. Can't take a HELOC on a house listed for sale as I understand it so you'd want to do that now. There's also bridge loans but I didn't research that much.
I've done this before, the HELOC was pretty good terms, I think 0.5% for 6 months. The house I was selling was paid for so it was manageable. You are correct, the bank won't do a HELOC if you are selling the home (or at least that was the case a few years ago). I did the HELOC then the mortgage, using the same bank.
It worked out for us then but not sure I'd do it again. You can get stuck if you have trouble selling your house.
1
Posted on 5/27/20 at 7:48 am to CajunTiger92
Ya, I'm not advocating anything but he wouldn't be asking if he had the money free and clear from selling the current house. All of those scenarios can be stressful. Good news is I hope he can't make a contingent offer because he's in a hot market, in which case selling his current house has some lower risk as long as it's priced well.
This post was edited on 5/27/20 at 7:52 am
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News