Tips for buying when you need to sell: Home equity line of credit in Fort St. John

 

Today I am going to discuss the use of a home equity line of credit or a "HELOC" as a means of helping you buy a new home while having to sell your current home.


This is another option that allows buyers to utilize equity in their own home for the down payment on a new home. This is similar to a bridge loan in that you need to be able to qualify for the new mortgage without selling your existing home first, but this is an option that buyers will often use if they already have a HELOC in place. This is another option where some buyers will list their home while under contract and others will wait until they close on the new home. This is a matter of preference. Talking to your mortgage professional will help you decide if either of these is a viable option for you.

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