DRhodes8940 t1_j6lsnhg wrote on January 31, 2023 at 5:49 AM

If you can get financed on another home while having your current loan and afford the down payment, I would buy the new house, move in and then sell the other place. This is how I have done it multiple times. However, each time I didn’t have a mortgage as I had already paid off the house. If you aren’t able to get new financing, then your 2 options would be what you mentioned, or having the contingency while your home sells. Good luck.

sammiemo t1_j6ni9ac wrote on January 31, 2023 at 4:17 PM

I had a lot of equity in my old home and borrowed it on a HELOC for a downpayment on this one. It made the transaction a little more complicated because I had to close on the HELOC loan before I could finance the new home.

The whole process took a little over 45 days from having an accepted offer on the new house to closing on the HELOC then the new mortgage. Once my old home sold, which was less than a month later, I closed the HELOC and paid off my first mortgage.