Hi guys,
This is my first post. I've been following the forum for quite some time now and you guys seem to always provide a lot of useful information. I thought I would ask for some tips or advice. I am looking at a new construction in Irvine, but need to sell my current home first to use the equity for a down payment. However if we sell our current home first, we have move twice which would be a major hassle. I googled and saw several options open to me.
1. borrow against my 401k (unfortunately, I don't have enough funds)
2. unsecured bridge loan (not sure my bank will give this to me)
3. HELOC (I have to research where I can get this and if it's worth it with the cancellation charge)
4. secured bridge loan (I will probably have to settle for this).
5. Rent-back agreement (but then we have no idea how long it would take for the new construction to be finished and that's assuming whoever buys our home wants to rent it out).
Has anyone gone through this situation or tried any of the above methods? Thanks in advance for any advice you may have.
This is my first post. I've been following the forum for quite some time now and you guys seem to always provide a lot of useful information. I thought I would ask for some tips or advice. I am looking at a new construction in Irvine, but need to sell my current home first to use the equity for a down payment. However if we sell our current home first, we have move twice which would be a major hassle. I googled and saw several options open to me.
1. borrow against my 401k (unfortunately, I don't have enough funds)
2. unsecured bridge loan (not sure my bank will give this to me)
3. HELOC (I have to research where I can get this and if it's worth it with the cancellation charge)
4. secured bridge loan (I will probably have to settle for this).
5. Rent-back agreement (but then we have no idea how long it would take for the new construction to be finished and that's assuming whoever buys our home wants to rent it out).
Has anyone gone through this situation or tried any of the above methods? Thanks in advance for any advice you may have.