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Author at Compare Closing LLC
Amanda Byford has bought and sold many houses in the past fifteen years and is actively managing an income property portfolio consisting of multi-family properties. During the buying and selling of these properties, she has gone through several different mortgage loan transactions. This experience and knowledge have helped her develop an avenue to guide consumers to their best available option by comparing lenders through the Compare Closing business.
Latest posts by Amanda Byford (see all)
When shifting from one place to another, many people want to buy a new home before they sell their current one.
The real estate industry is continuously changing and keeps enforcing new rules. There are a few steps to follow before deciding on the upgrade –
- Before upgrading to a new house, it is ideal to set a budget by keeping the current savings in mind, and the rate at which the current home will be sold to reach a conclusion.
- Look at available homes online or visit open houses to understand your needs and your budget.
- Meet with real estate agents to know the value of the property and how they plan to market your current home if the new home needs repair etc. It is advisable to use the same real estate agent for buying and selling homes.
- Talk to multiple lenders and understand the various options available, because the interest rates and fees will vary. Choose a lender carefully.
If you want to buy a house before selling your current home then look at ways that will work out perfectly for you and take action accordingly.
- Get a Bridge Loan: which is a small loan that is taken against your current home to make a down payment for the new house. When you sell your home, you can use the money to pay off the bridge loan.
- Get a Home Equity Loan: which will allow you to get your current home’s equity to make it easier to buy a new house. In a home equity loan, the home is used as a form of collateral.
- Make a Contingent Offer: so it is easier to buy a house and not lose any funding if you are unable to find a buyer. You can walk away instead of purchasing the new home. The buyer has more power to negotiate the prices if the seller points out any faults in the house.
Reference Source: Ein News
