In an ideal world, the sale of your current home will happen seamlessly along with the purchase of your new home. But in reality, these two steps don’t always align. If you are hoping to buy before your current home sells, here are a few loan options that can help make the process smoother:
- Home Equity Loans
- Low-down Payment Loans
- Piggy-back Loans
- Bridge Loans
Another option if you’re still looking for a new home after your current home sells is a rent-back arrangement. With a rent-back, the buyer agrees to “rent” your current home back to you so you can stay in place, usually 60-90 days.
To compensate the buyer, you may have to lower your home price, or agree to pay rent.
It’s important to know that not all lenders allow a rent-back arrangement so be sure to find out if this is an option for you.