Bridging the Gap Between Mortgages
You have options if your house hasn't sold and you've already found a new home. Getting a short-term loan — or bridge loan — will ease the financial strain of having two mortgages.
If your current home hasn't sold and you have to move immediately, a "bridge loan" is a short-term loan that can give you the cash for a new home. This should help ease the burden of two mortgages, should you end up in that situation.
A homeowner with good credit and decent income may be able to borrow as much as the full amount of equity in the home. The loan can then be used for the deposit and down payment of a new home.
Another option is to take out a home equity line of credit secured by your current residence. Banks can loan up to 80 percent of the home's market value.
Next Up
Buying a Second Home: Are You Ready?
You'd love to have a second home, sure. But before you start house-hunting, ask yourself these questions.
Are You Financially Ready to Buy an Investment Property?
Here's what you need to consider in this real estate market before shelling out for an investment property.
Anti-Checklist: What Not to Do While House Hunting
Searching for a house to buy can be daunting, and most of the homes you see won't be what you're looking for. Get through it efficiently and painlessly by avoiding these common house hunting mistakes.
Buying a Second Vacation Home in the Tropics
A practical guide to running off to an island.
Buyers: What to Do When Your Realtor Quits You—or Just Quits
Ditched by your Realtor in the 11th hour? Here's what a smart homebuyer should do.
Am I Really Ready to Buy a Home?
Overwhelmed by the idea of a monthly mortgage, taxes and other costs of owning a home? Do a little real estate therapy with expert Tara-Nicholle Nelson.
HGTV's Top 10 Ways to Beat the Sluggish Housing Market
Don't let the slow market get you down. Whether you're a home seller looking for offers or a homebuyer facing stricter loan requirements, rev up your real estate potential with these helpful tips.
Brokers, Lenders and Points, Oh My!
Brokers can be the used car salesman of the mortgage world because they get a cut of the amount you borrow.
4 Mistakes First-Time Homebuyers Make
Learn what mistakes to avoid after you purchase your first home.
For Sale By Owner (FSBO): How to Sell Your Home by Yourself
Are you considering selling your home without a real estate agent? Follow these tips to make the process as smooth as possible.
.jpg.rend.hgtvcom.231.174.85.suffix/1738869872256.webp)
