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How do I buy a new home then sell my old home?

Do I apply for a new loan? I want to use the equity as a down payment for my next home. Or do I get the equity line of credit... what process? by bmorrow119 from Days Creek, Oregon. 19 days ago Reply


There are a couple options for situations like this. Which option would depend on a few factors. I'm not sure how we connect through this service, but feel free to call +1 (541) 280-2563

19 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,324 contributions

The first move is to apply with a lender. They will determine if you can buy a new how prior to selling your old home, and how that may all work. While this options works for some people, most people need to sell their house to buy the next. I lend in MN Wi IA ND SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 275142

19 days ago
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Kerry Greenwald (kerry@creeksidem.com)
#96 ranked lender in Washington - 28 contributions

If you're using equity from your current home, you can refinance or take out an equity line of credit. You may need an appraisal depending on which type of loan you're going with. You'll also need to qualify for your new house with all your debts including the housing payments for your current home and your new proposed payment for your new home.

19 days ago
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Hans Bruhner (Hans Bruhner)
#133 ranked lender in California - 125 contributions

If you need the equity out of your current home there are two ways to go. #1 is if you pull cash out of your home with an equity line of credit or refinance and then buy the next home but you would need to qualify for both house payments PLUS the equity line. #2 way is to get pre-approved to by and then put your home on the market and you can make an offer on the next home contingent on you selling your current home. I am licensed in OR, WA and CA so if you want, I can help.

19 days ago
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