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:
- Get a home equity line – so you can cash out and use it for down payment.
- Get a gift from your family.
- Pull out funds from your retirement account.
Here are a few ways to get you from a smaller home to a bigger one:
- Check with your lender and see if you can qualify for 2 mortgages at the same time.
- Check with your family if they can help you in this interim time and gift you the funds that you need.
- You sell and you buy while you are under contract.
- You sell and then move into a temporary rental.
- You get a bridge loan.