What type of financing is available for this type of thing? I don't want to move out of my current house until the end of the school year. But I found a house I would like to relocate to in another state. I have about 200K in equity in this house. The new house costs around $400K. Whats the best way to go?
2006-12-30 02:35:42 · 6 answers · asked by shannon e 1 in Business & Finance ➔ Renting & Real Estate
Line of credit or mortgage?
Ask your bank, and they'll help you out. You'll definitely need money of some sort.
2006-12-30 02:38:44 · answer #1 · answered by theVisionary 4 · 0⤊ 0⤋
Not knowing what your income is, what you may have in the bank, or access to, It is difficult to answer you question with accuracy. But.. there is always negotiation as a starting point. Every seller and every buyer has their own story. Perhaps the sellers of the home you are considering need to move immediately, relocation, or perhaps they have found a home they would like to purchase. On the other hand, there may be no rush on the seller's end. Your ducks need to be in a row. If you are serious, take care of business now. On the other hand, If it is 'the' dream home for you, if it is a financially and emotionally positive move, weigh the options and do it now. If you feel you cannot, remember, there will always be houses for sale.
Bottom line, if you can afford two mortgages, you are all set. If you cannot, then you have to negotiate, wait or move.
2006-12-30 03:07:18 · answer #2 · answered by jeanieber 2 · 0⤊ 0⤋
People buy additional property all of the time. The loan will ne worded a little differantly because it is not your primary residence, but it is essentially the same. The bigest differance is that you can NOT claim your interest for the new house on your taxes, only the house you actually live in.
2006-12-30 02:43:11 · answer #3 · answered by Landlord 7 · 2⤊ 0⤋
Talk with your Loan Officer about a Bridge loan and some other available options.
2006-12-30 05:28:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Talk to a lender about a "bridge loan". They are specifically designed for situations like yours!
2006-12-30 03:13:27 · answer #5 · answered by greeneyedann 2 · 0⤊ 0⤋
go to your local bank and apply for a bridge loan. be careful of this because you have to sell your exisiting home in a period of time. check with you bank.
2006-12-30 06:12:24 · answer #6 · answered by lake living 5 · 0⤊ 0⤋