I'm looking for advise what I want too do is buy another home before I sell mine . I started looking at home equity line of credit . So was thinking was too buy another one with the loan than as soon as it sells I would pay off the loan . I'm down here in florida looking too move to northeast Ohio . The market still down here is pretty crazy still.
Buying another home ???
- Thread starter 1blkc5
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it was too many moves for us, a lot of stress to get it all together.
We chose to put some stuff in storage for a year and move to a rental condo for a year.
I actually liked living in the rental condo it was about 50 percent of my house payment, so we saved a ton of money to get the house we wanted.
We chose to put some stuff in storage for a year and move to a rental condo for a year.
I actually liked living in the rental condo it was about 50 percent of my house payment, so we saved a ton of money to get the house we wanted.
Yes, just don't mention you want to use it to buy another home. You used to be able to get bridge loans but all that went away a while ago. You basically have to be able to float both loans on the current income. Isn't Ohio cheaper than Florida and it's one of the cheaper states to buy a place? Only problem I see with that is that once you're in one of the cheapest states in the country, you can't move anywhere cheaper. When you buy a 500k place and it goes up 20%, you make 100k, you buy a 200k place and it goes up 20%, you only make 40k.
Home owners insurance is much cheaper in Ohio than in Florida and car insurance will be less expensive, too.
We just went out and got a mortgage on the new place and I'm in the process of selling the old place. Was a lot easier than I was expecting.
We rented an apartment for 7 months while looking for a new house, a coworker of mine worked out a month to month with an AirBnB while waiting for his new house to be built. My parents did 2 mortgages for 2 or 3 months.
If the money that you get in a home equity loan will pay for a home in Ohio, yes, get the equity loan.
You dont have to worry about paying off the equity loan once your house in Florida sells. Attorney/Title company will take care of that at the closing, your house in Florida wouldnt close without the equity loan being paid off so you wont have to worry about it. *LOL*
or ...
Go for a mortgage in Ohio and cash out the home in Florida if you want. Choices are good.
You dont have to worry about paying off the equity loan once your house in Florida sells. Attorney/Title company will take care of that at the closing, your house in Florida wouldnt close without the equity loan being paid off so you wont have to worry about it. *LOL*
or ...
Go for a mortgage in Ohio and cash out the home in Florida if you want. Choices are good.
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