Talk of The Villages Florida - View Single Post - Bridge Loan or Home Equity LOC or Mortgage
Thread: Bridge Loan or Home Equity LOC or Mortgage
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Old 12-14-2020, 08:09 AM
richs631 richs631 is offline
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Originally Posted by roob1 View Post
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.
A think a bridge loan would work best. No matter what you do it’s going to cost a few bucks