What are my options related to bridge loans, etc.? I have yet to determine which relocation expenses will be paid by my new employer, but let's assume that they will NOT purchase my house (as some do if it has been on the market XX days).
2006-09-26 05:17:36 · 5 answers · asked by fe2o3ez 2 in Business & Finance ➔ Personal Finance
I would speak to a realtor and have them suggest someone that they use for mortgage lending so the person will be a highly competent person. Then see what you can get for your home, factor in the amount of time that you can have two mortgages and what your purchasing power, the preapproved amoutn would be with and without selling your home. Get focused! Good luck.
2006-09-26 05:22:09 · answer #1 · answered by Marianne 2 · 0⤊ 0⤋
I went through this three years ago.
My current employer agreed to pay for a portion of the closing costs on the former home and the new home. Typically a new employer will not agree to buy out your former home because you haven't worked for them long. The buyout is usually a privilege for current employees.
On a previous move we closed on the new house before the old one closed. I had a HELOC on the old one, with a sizeable balance. So I used part of the HELOC to cover the closing costs on the new home, then paid the mortgage and HELOC off w/ the proceeds from the old home's sale.
Just a thought.
2006-09-27 11:51:36 · answer #2 · answered by CMass Stan 6 · 0⤊ 0⤋
Your new employer could buy out your existing home if selling your home takes too long. Some companies have been known to do this - usually Fortune 500.
2006-09-26 12:26:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on your credit scores and work security. If you would like to send me the details I can try to help you with that. 1-866-476-5279
2006-09-26 12:23:57 · answer #4 · answered by tripn88 1 · 0⤊ 0⤋
It depends on several things, debt, income, credit scores, equity in current home, cost of new home.
email me and I can help you walk through it.
2006-09-26 22:47:21 · answer #5 · answered by David F 1 · 0⤊ 0⤋