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She recommends getting one at least a few months before you plan to sell. In every real estate market, repeat buyers need to decide how to transition from one home the next. Ideally, the closing for the sale and the closing for the purchase are aligned, with just enough time to transfer funds and schedule the move. But that’s not always possible, particularly in a highly competitive housing market like the D.C. “After six months of payments, if interest rates on the Choice loan programs have dropped, the borrowers can pay just $250, and we will drop their interest rate,” Davis said.
Market competition in Congress West
The tiled floors have radiant heat, and two secondary bedroom suites have balconies. “Either way, you still have to qualify for both your current mortgage and the new loan,” Busch said. Typically, the lender will charge a fee of about $500 to recast a loan, he said.
Quarter-acre property a 'whimsical environment'
Some borrowers will have to sell the home they own — and eliminate the mortgage payment from their monthly cash flow — before they buy another home with another home loan. But some have options that depend on how much home equity is available, said Gregg Busch, vice president of First Savings Mortgage in McLean, Va. Homeowners who have a home equity line of credit (HELOC) in place can borrow against that credit for a down payment and closing costs if they buy a new home before selling the old one, Fischer said.
Get help with your down payment
Bridge loans are short-term loans, typically for six months to a year, which are meant to “bridge” the transition from one home with a mortgage into another home with a mortgage. Borrowers use the proceeds from the loan for the down payment on their new home. Bridge loans typically have higher interest rates than a conventional mortgage, but often the payments are interest-only.
When you want to sell one home and buy another, it’s time to bring in professionals to help you understand your choices, industry experts said. Alternatively, if you think your home might take longer to sell, you could list it for sale with a contingency that you find and buy the home of your choice before closing, Suranna said. These days, the house boasts a fresh coat of white paint with a black trim along the side.
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Still, the decision to buy or sell first is almost never simple. And president of the Greater Capital Area Association of Realtors, said some clients have enough cash or accessible home equity to buy first. The house reportedly first hit the market in February at $1.499 million ... Most homes have some risk of natural disasters, and may be impacted by climate change due to rising temperatures and sea levels.
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If you take out a mortgage to buy a new home and then sell your old home at a profit, you can recast the new loan by using that profit to pay down the balance. Buyers who can qualify for both their current mortgage payment and a new mortgage payment may be able to make the transition to their next home with the help of a low-down-payment loan. Homeowners with plenty of equity will find it easier to qualify for a special program, like a bridge loan, Suranna said. Your debt-to-income ratio compares the minimum payment on all recurring debt with your gross monthly income. For example, if your gross monthly income is $15,000 and your minimum debt payments amount to $6,000, your debt-to-income ratio is 40 percent.
A small, but sunny front porch juts out into a modest front yard. The 3-bedroom, 3-bathroom Los Angeles residence looks strikingly different from the last time we saw it -- as it was previously a scorched wreck from the fiery collision that led to Anne's untimely passing in 2022. The two-bed, two-bath home sits on a quarter-acre lot, and Putman boasted the gardens and terraces as a draw for potential buyers. Plus, it has a great view of the city, she said, making it the ultimate LA outdoor space. For weekly email updates on residential real estate news, sign up here. The house won a Society of American Registered Architects’ design award.
Anne Heche
Given the fast pace of the current market, some properties may no longer be available at the time of publication. Step downs to the family and recreation rooms may be inconvenient for some. The house is in move-in condition, with rooms that benefit from sunlight and outdoor views. The well-equipped kitchen has double ovens, sinks and dishwashers. Navy Federal, like some other lenders, offers a special program that they call a No Refi Rate Drop.
Of course, that decision means buyers spend more money on the rental and on moving twice, Fischer said. Due to the home's desirable location -- Venice is a famous beachside neighborhood -- the current owners are looking to sell the residence for $1.35 million. "This is definitely the exact kind of house where you would dream," Gambino said in an interview with USA TODAY. "It's a very special house where people immediately get, you know, emotionally connected when they're there." Designed by LA architect William King and built in 1982, the listing comes with several gathering spaces in and around the home, with charming gardens, a wraparound deck and a garage that could be used as studio space. This week’s properties are a five-bedroom in New Canaan, Conn., and a four-bedroom in Chappaqua, N.Y.
While some buyers intend to refinance when mortgage rates decline, another available option may be to “recast” the loan on your new home after the other home sells. Refinancing converts your loan into a completely new mortgage with a different term, balance and interest rate, but recasting simply recalculates your payments based on a new balance. The main benefit of bridge loans is that home buyers don’t have to move twice (first to a short-term rental, then to the new home), which has both financial and emotional costs, Busch said.
Move-up buyers — looking to purchase a more expensive home — may want to borrow from their 401(k) for the down payment and then repay it as soon as they sell their current home, Fischer suggested. Armed with information about the cost and availability of homes, along with an estimate of the value of their own home and how long it might take to sell, homeowners can start to investigate options for financing the move. Find a lender who can offer competitive mortgage rates and help you with pre-approval. Gambino said the Glassell Park area where the home is located is popular among artists, musicians and actors. The home at 2538 Sundown Drive is for sale at $2.3 million, listed by Compass agents Carl Gambino and Ariel Putman, and was recently shared on real estate fan account Zillow Gone Wild.
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