Could Your Current Home Help You Buy Your Next One?

You love your low mortgage rate.

But maybe your home feels too small. Or you're ready for something different.

What if the money you've built up in your current home could help you buy your next one?

Here's something many homeowners don't know.

As you pay down your mortgage and your home grows in value, you may build what's called equity.

That's the part of your home's value you own, after subtracting what you still owe.

And here's where it gets interesting.

You may be able to use some of that equity to help buy your next home before selling the home you're in.

One way to do this is with a bridge loan.

Think of a bridge loan as a bridge between two homes. It can help you buy your next home before selling the one you're in.

That could mean putting more money down on your next home. And the less you borrow, the lower your new mortgage payment could be.

Here's another possibility.

You may have more time to sell your current home instead of feeling rushed to sell before you buy.

Of course, owning two homes for a short time can bring extra costs. That's why having a plan matters.

But here's the big takeaway.

You may have more buying power than you realize.

And while giving up a low mortgage rate isn't easy, sometimes the bigger question is:

Does your current home still fit your life?

Before putting your plans on hold, let's explore what your home's equity could make possible.

Thinking about buying your next home before selling your current one? Reach out to me. I'd be happy to walk you through your options and see what might work for you.

Josh Schaendorf | Senior Loan Officer

Northpointe Bank | NMLS# 503819

Phone: 616-402-3998

Email: Josh.Schaendorf@northpointe.com

All loans are subject to credit review and approval. This is not a commitment to lend. Other terms and conditions may apply.