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 bought a house this year in a similar scenario as you. We were not going to put our house on the market for several months. We did a conventional mortgage and shopped based on fees and not interest rates since we knew we would pay off the mortgage as soon as our house sold. Once our house sold we paid off the mortgage.