July 27th, 2007

Buying a New Home When Your Old Home Won’t Sell

Posted in Credit, Debt, Finance, Lending, Loans, Uncategorized

If you’re under contract to buy a new home and for some reason your existing home just will not sell quickly, you may be looking for options to go ahead and get the financing done and just wait for the old house to sell after you have already moved to the new house.

One popular option in this circumstance is the short term home bridge loan. This type of loan allows you to use equity in your existing home to fund the downpayment on a new home.

Although there are certainly cheaper options, the bridge loan may be a good choice for you if your back is against the wall. Either opt out of the contract for the new home or consider bridge financing.