Financing options for buying a house before selling

Ellis Glink and Samuel J. Tamkin

It's best to sit down with a mortgage lender or mortgage broker and discuss how the numbers play out.

Q: My partner and I are putting an offer on a house in the near future. Our current home is about $200,000 less than the new home we plan to buy. And paid in full.

Once the current home is sold, we can take ownership of the new home. We have enough money to make up the difference and then some, but not enough to cover the purchase price and closing costs of the new home. In the three to six months between closing on the new home and closing on our current home, we need to borrow about $300,000.

What is the best loan product for that three to six month period? Do we take out a $300,000 loan on the new home and pay it off in full with the proceeds from the sale of the current home? Are there better options for a short term loan for this amount? We both have good credit scores and healthy retirement accounts.

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