Hi,
I own an apartment worth about 300k. The mortgage is fully paid off. I have about 150k in savings and would like to trade up to a house selling for between 400k and 450k. In the olden days, the typical approach was
Thanks in advance,
Tony
I own an apartment worth about 300k. The mortgage is fully paid off. I have about 150k in savings and would like to trade up to a house selling for between 400k and 450k. In the olden days, the typical approach was
- Put apartment on the market
- Bid on house
- If the closing date of the house purchase is before the closing date of the apartment sale, use a bridging loan to pay for the house (i.e. the difference between savings and house price)
- Pay off bridging loan when apartment sale closes
Thanks in advance,
Tony