Home Buying in Texas>Question Details

Claudia Will…, Home Seller in 94511

Want to sell so I can buy!

Asked by Claudia Williams, 94511 Tue Feb 5, 2013

What are the chances of getting into a home using my existing(newly built 3 year old) home that I am trying to sell as collateral? I do not know how any of this works. I am trying to sell my home first. The homes I am looking at are in the 20-30K range. My current home is 60-65K. As soon as it sells. I want to payoff the "new" home. Is this EVER been done or heard of before? I am in Texas, trying to get over in Louisiana!

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I am looking into a bridge loan. I just want to make sure I can sell before I get tied into it, you know. Don't want to take any chances!
0 votes Thank Flag Link Mon Feb 18, 2013
What did you decide to do?
0 votes Thank Flag Link Mon Feb 18, 2013
You can do a Bridge Loan, which pulls both mortgages together until your current home sells. Contact a lender for specifics and options.
0 votes Thank Flag Link Wed Feb 6, 2013
Wait, yes it would. Just use my current home as collateral for the loan until it sells, correct?
Flag Thu Feb 7, 2013
I own my current home outright. Would that still apply?
Flag Thu Feb 7, 2013
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