Buying Before Selling: Is It Possible?

Buying Before Selling: Is It Possible?

One of the questions I hear from homeowners is, "What if I find my next home before my current home sells?"

The good news is, you may have options.

If you have substantial equity in your current home, there may be ways to use that equity to help with the purchase of your next home. Depending on your financial situation, you may also qualify to carry both mortgages for a period of time.

Of course, buying before selling isn't right for everyone. Your income, existing mortgage, available equity, credit, and the price of the new home all come into play.

The important thing is to understand your options before you start looking.

If you're thinking about making a move but aren't sure whether you need to sell first, it's worth having a conversation early. Sometimes the answer isn't as complicated as you might think.

Have questions about buying your next home before selling your current one? I'm always happy to talk through the possibilities.

Sincerely, Marty Prince Mortgage Technology www.MortgageTechLoans.com Office: 714-289-1609 Email: mprince@socal.rr.com DRE #00887075 NMLS #246997