gm


RE/MAX 1st ADVANTAGE
PA Real Estate License
  # RS-199454-L


email me at:
gjminnich@comcast.net
Office 717-591-5555
Cell 717-579-2311


HOME PAGE

HARRISBURG  WEATHER
MLS Links:
    Search by Map
    Search our MLS
    Our Office Listings

    My Listings 

Consumer Notice
About Gloria 
School Information
Questions on Buying or Selling?

Views of Harrisburg
Free Information on the Area
Area
Links
PA Municipalities Info

10 Things to Turn Off Home Buyers


flagwave1.gif (33183 bytes)



Copyright 1999,
Gloria J. Minnich, Harrisburg,  PA   All rights reserved


Our Garden
Tyler's Art Show 2008



 

 

Do I have to sell my present home first?

Whether or not you have to sell your present home first to purchase
a new home depends on how much equity you have in your present
home and how much mortgage debt you qualify for.

If you have enough equity in your present home, you may be eligible
to use that equity to obtain a "Swing loan" for the down payment on
the next home.   Your home would have to be listed with a Realtor
in order for you to do this (usually a lender requirement).

You use the equity loan for the down payment and in some instances,
you can defer the payment (including the interest) until your present
home sells.   This all depends on the mortgage company.

You may incur some additional closing cost as you will have to close
on the "Swing Loan" as well as the new mortgage and this may require
title work, etc. on the swing loan as well as the new home mortgage.
 
In some instances, you can just get an equity loan for the down payment
on the new home.   But, you will have to make monthly payments on this
loan until your home sells.    And, again, you have to qualify for the equity
loan payment, the mortgage payment on your present home and the mortgage
payment on the new home.  This could limit your buying power.

It is best to discuss this with a Realtor who will help you get the right financing.