Quote:
Originally Posted by roob1
Scenario: Own home outright (value about 400K). Looking to buy smaller unit (300K), but don't want to use any contingencies in the sale/purchase. What would be the most economical option to purchase smaller unit before sale of current property? Want to avoid using IRA also. Would need about 350K in any scenario.
Bridge loan
Home Equity LOC on current home
Mortgage (maybe pay off w/in a year)
Tried using online resources but am looking mainly for generalized answers....I know there are no right/wrong answers, but the more input the better. I know I can meet with a bank rep., but not sure how biased they would be.
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We're in the same boat as you are. Since we're not exactly sure what we're going to do when we move to The Villages we're just going to take out a mortgage. When our current home sells we'll decide whether to pay off the new house right away or wait awhile. With rates in the 2.5% range I might look at putting the proceeds from our house into something else. Then again I'm debt-phobic so we might just pay it off anyway - lol..