How to Buy Your Second Home Before Selling Your First

How to Buy Your Second Home Before Selling Your First

Found your dream home in Weston but haven't listed your current place in Cambridge? You don't have to lose out.

The Strategies

1. Bridge Loans: A short-term loan that 'bridges' the gap between your two homes using your current equity.
2. HELOC: Draw from your current home's equity line for the down payment on the next.
3. The 'Sale Contingency': Offering on the new home with the condition that yours must sell first (rare in a hot market, but possible).
4. Recasting your Mortgage: Buying with a small down payment, then applying your home sale proceeds later to lower your monthly cost.

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