Do you want to use the equity from your current home to purchase your next home? How to access those funds is a common dilemma, because no one really wants to sell their current home unless they have their next home lined up.

Making an offer to purchase a home that is contingent upon selling your home isn’t practical. Home sellers would rather take their chances on the open market hoping to find a non-contingent buyer, than to get tied up with you while you try to sell your home. Unless you were willing to overpay (you don’t want to do that, do you?).

A better solution is to obtain a bridge loan.

The Compass bridge-loan program enables you to buy your next home without using any money out-of-pocket. It makes it easier to qualify because any payments from your current home aren’t held against you. Plus, once you sell your current home, its equity can pay down the mortgage on your new home and the payments be re-amortized lower without having to refinance into a new loan.

Best of all, you can go shopping for a new home knowing that you won’t have to quick-sell your current home just to make the deal happen!

Contact Jim the Realtor today at 858-997-3801.