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One of the most common things I hear from homeowners is:
"I'd love to move, but I have to sell my house first."
While that may be the right choice for some families, it's not the only option.
Depending on your financial situation, you may be able to purchase your next home before selling your current one.
Let's look at three strategies that many homeowners consider.
A bridge loan is designed to help homeowners access the equity in their current home while purchasing another property.
Instead of waiting for your home to sell, a bridge loan may provide temporary financing that helps you make an offer on your next home.
This can be especially helpful if you've found the perfect property but haven't listed your current home yet.
Because bridge loans have specific qualification requirements, it's important to speak with a lender to determine whether this option fits your situation.
Mortgage recasting is another strategy that many buyers don't know exists.
Here's how it works.
You purchase your next home using your available financing.
After your current home sells, you make a large principal payment toward your new mortgage.
If your lender offers recasting, they may recalculate your monthly payment based on the new, lower loan balance.
This allows some homeowners to reduce their monthly payment without refinancing.
Not every lender offers mortgage recasting, so it's important to ask about this option before choosing a loan.
Some homeowners decide to keep their current property instead of selling it.
If the numbers make sense, renting the home may generate monthly income while allowing you to build long-term equity.
Before choosing this strategy, you'll want to evaluate:
Your mortgage payment.
Expected rental income.
Maintenance costs.
Vacancy risk.
Property management needs.
Loan qualification requirements for purchasing another home.
For some families, this can be an excellent long-term wealth-building strategy.
There isn't one answer that fits everyone.
The best strategy depends on:
Your available equity.
Your income.
Your debt-to-income ratio.
Your credit profile.
Your long-term financial goals.
Current lending guidelines.
That's why I always recommend creating a plan before beginning your home search.
When I work with move-up buyers, we don't start by looking at homes.
We start by looking at your goals.
Using the Marysol-D Method, we review your current home, your equity, financing options, timing, and local market conditions to build a customized strategy.
Whether you're upsizing, downsizing, relocating, or simply ready for a change, the goal is to help you move with confidence.
If you've been putting off your move because you assumed you had to sell first, it may be worth exploring your options.
There could be more than one path to your next home.
If you're thinking about moving in Katy, Cypress, Spring, Hockley, 77084, 77095, or anywhere in the Houston area, I'd love to help you create a strategy that fits your goals.
Call or Text: 713-213-9593
maryso-d.com
Marysol Calvillo
Elite Properties, LLC
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