Buying a home while selling your current home can be a complex process. It gets even more complex when you find the perfect home for you but still haven’t sold the home you currently own. We have a fantastic solution at Guild Mortgage for the move up buyer that allows you to purchase your new home while you work to sell your current home. Here are the top five most frequently asked questions about our move up buyer program.
Question 1: Is this a loan?
It is not a single loan, but a program that combines your new home loan with a home equity line of credit to cover the proceeds you will receive from the sale of your current home.
Question 2: How long can I keep my current home?
You can keep your current home as long as you like. However, you will have to pay the new mortgage, the new interest only second mortgage and your current mortgage until you sell your current home. Once you sell your current home, you should only be left with the new mortgage.
Question 3: What loan types can I use this program with?
This program can be used with conventional 30 year, 20 year and 15 year loans, both adjustable rate and fixed rate.
Question 4: How much equity do I have to have in my current home?
You don’t necessarily need a certain amount of equity in your current home to qualify, but you do need enough equity to cover 10 percent of the purchase price of your new home.
Question 5: How do you determine the value of my current home to calculate the proceeds?
Consult with your REALTOR®. If you don’t have a REALTOR®, please let us know. We have a list of professionals we trust with our clients.
We hope this helps you better understand some of the basics of our move up buyer program. If you have any additional questions, please email us at [email protected] or call us at (503) 528-9800.
Thank you for the lovely complete information that will be helpful to so many! Hope you are doing well!!
Thanks for your comment, Tom!
Good info. Easy to understand and pass on to Buyers. Thank you.