Quote:
Originally Posted by Jimmy Stang
Enter "bridging financing". My mortgage person has said that we can carry a combined mortgage for both houses, and then we can decide whether to sell or keep as a revenue property. More than likely, the plan would be to buy, move, prepare the now-vacant house for sale for a few weeks, and then sell.
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Hi Jimmy -
Great questions and I am sure Realtor 1 will comment on the market, etc.
But for the financing part, just wanted to add some comments. Bridge financing comes into play when you have sold your existing home and want to "bridge" the equity (cash) from the sold home as down payment on the new home.
It sounds from above that you are going to carry both properties and decide what to do with the current home. The question is your down payment for the purchase... you are either refinancing your existing to get some equity out for down payment or you currently have some available funds for the down payment for the purchase?
Just wanted to be sure you understood that "Bridge Financing" is for when your current home is in a firm binding contract (sold) and you are taking possession of your new home before your existing is closed (where the buyers have taken possession).
Best wishes in your new home search. Feel free to PM if you have more questions... I know you are working with someone but am available for 2nd opinion or questions.