i'm about 2 close on new house but didn't sell the old 1. what is the best mrtg to be able to use $ from old?

Question

What are my options for the mrtg on the new house without spending $ later for refinancing. I want to be able to apply any money we will make on the sale of house into a new one to decrease a monthly payment
Thank you so much

Answer 1

I'm in the same situation right now. Try to get a bridge loan. You won't have to make any payments for up to 6 months. I hope this helps.

Answer 2

Get a bridge loan. That's a short-term loan against the equity in your old home that is used for down payment and closing costs on the new one. When the old house sells, the loan is paid off with interest.

Normally you don't have to make any payments on the bridge loan for at least 6 months. Even if you don't sell quickly and have to start making payments on it, at least you'll have had several months for your finances to settle down from the purchase of your new home. For this reason, it's good idea to start setting $$$ aside for bridge loan payments a month or two after closing on your old home "just in case."

The lender might have some say in what you ask for your old home as they have a vested interest in a quick sale at a high enough price to pay off the loan.

Talk to the lender who is loaning you the money for your new home. Tell them you need a bridge loan on your old house. Lenders do this ALL the time. Most lenders will likely ask you if you want or need a bridge loan based upon the information in your loan application.

Answer 3

Have you tried auctioning off your old house. Set a time limit, put an ad into the new paper for $1000. or how much you want to set
With in the set time or at the end, draw a name out of the bin. who ever the name is they get the house, you in turn get to keep all of the money that came in for the drawing . Course you would be surprised at how many people who would send in a $1000,
for a chance on a house that they can get for just $1000. Its up to you, good luck