Move-up Buyers in Arlington

When you want to buy a larger home in Arlington – you will be scratching your head – how do I do that? Selling AND buying a new home in Arlington is complicated. Arlington real estate market is very competitive – so if you want to buy a new home – you cannot make it contingent on the sale of your current home. Also – because Arlington real estate is so expensive – most likely you will not be able to carry 2 loans at the same time. So what do you do?

You will need a down payment – which might be tide up in the equity of your current home. Where to get downpayment:

1. Get a home equity line – so you can cash out and use it for down payment.
2. Get a gift from your family.
3. Pull out funds from your retirement account.

Here are a few ways to get you from a smaller home to a bigger one:

1. Check with your lender and see if you can qualify for 2 mortgages at the same time.
2. Check with your family if they can help you in this interim time and gift you the funds that you need.
3. You sell and you buy while you are under contract.
4. You sell and then move into a temporary rental.
5. You get a bridge loan.