Dear Theresa Clark:
You have several options that may be available to you such as a Home Equity Line of Credit on your existing property, a bridge loan or you can simply purchase the second property with a new first mortgage and pay back the loan when you close on your first home.
Of course all of these options depend on your ability to qualify for the loan. You need to meet with a mortgage banker and get your self pre-qualified. In order to do this correctly, you should bring your last two years tax returns, last three months bank statements and also have the bank run your credit report. Then they will tell you what your options are based on your qualifications.
If you have enough cash another option would be to simply buy the new house outright and put the money back into your bank account upon selling your existing home, that is assuming you have equity in the home.
If you want, give me a call and I can give you even more insights. I can also help you buy and/or sell your property if they are located in Brooklyn. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cellular: (917) 805-0783