Quote:
Originally Posted by Tomptomp
I did the same thing. I was able to set up a line of credit, at absolutely no cost to me on my existing home. I didn’t touch the money until I found the house I wanted to purchase. My only expense was the interest on the money I used for the purchase of my new home. Once I sold my existing home I paid off the line of credit and incurred no expense thereafter.
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Bridge loans are nonexistent, I got a line of credit from a bank until my home was sold, house sold quickly, I purchased my home in Paradise and my older home closed within 40 days, Paid the line of credit, it cost me a bit over $1000.00, easy peasy. This is the way to go (at least for me) you can borrow the money from your 401K and if you return the money within 90 days there are no penalties or taxes, however if you do not, the entire amount is tax due for that year, did not wanted to take a chance so I opted for the line of credit!! Good Luck and you will love it here.
