FAQ Friday: Do I Have to Sell Before I buy?
Not necessarily. The biggest thing to take into consideration is your finances. How many months can you financially handle two mortgage payments if you decide to buy a home first? Your lender can help you with this, as it will affect your loan eligibility if you choose to buy first. If you're thinking of buying first, one option is a bridge loan, which helps buyers purchase a home first. These are short-term loans; generally, 3-6 months maximum, and they often have higher interest rates than a regular mortgage.
Another option is selling your home and renting it back from the new buyer. This allows the flexibility of purchasing as a non-contingent buyer on your new home.
While selling your home first is the traditional option, you always have choices! I'd love to discuss what makes sense for you if you're contemplating buying and selling this spring!
