How can I buy a new property using the property I currently ?

Using equity in your current home to purchase a new property is a common strategy in Florida, and there are several ways to structure it depending on your timeline and financial situation. In Hernando County and throughout Citrus County, the most common approaches are a home equity line of credit (HELOC), a cash-out refinance, or a bridge loan. A HELOC gives you a revolving credit line secured by your current homes equity that you can draw from for a down payment or purchase. A cash-out refinance replaces your existing mortgage with a larger one and provides the difference in cash at closing. A bridge loan is a short-term financing product specifically designed for buyers transitioning between properties. The risk in all three scenarios is carrying two properties simultaneously if your current home does not sell as quickly as planned. In Hernando Countys current market, most well-priced homes in the $200,000 to $400,000 range move within 30 to 60 days, but that timeline is not guaranteed. Before you access your equity for a purchase, have your current home pre-listed and priced correctly so you have a realistic timeline for the proceeds arriving. A Florida lender who works with move-up buyers regularly can model all three options with your specific equity, income, and target price so you choose the structure with the best risk-adjusted outcome. Kevin Neely & Kaitlynd Robbins | K2 Sells, Keller Williams Elite Partners

It is not clear with your questions if you are looking to sell your current home or use the equity in the home to buy another. Either way is possible. If you want to sell your current home and buy another property with the proceeds -- make sure you communicate that with your real estate agent when you list the home. The sale of your property will be contingent on the purchase of the other. It is done all the time! If you are looking to use the equity from your current home -- keep that property and buy another -- that too is done frequently. Make an appointment with your bank to discuss the options they offer. Best wishes!!

Hi Carlos; there are a few ways that you can accomplish this. The first is to speak with a lender/mortgage broker to determine if you can purchase without selling your home first. If that is not feasible, if you have enough equity, you may be able to use the equity to purchase your next home. A Lender/Mortgage Broker can help you determine if that is possible. If not, you would need to list your home and find a home to purchase. You would have to have the offer for your purchase be written up as contingent on selling your home. Meet with your local Realtor and local Mortgage Loan Officer and they can help you navigate through the different scenarios to determine what is in your best interest.

Hello Carlos, an easy way to get this done is by performing a cash-out refinance, access the equity you have in your home and use those funds to either purchase or finance the new home you want to buy. There is also a lender i work with that provides you a bridge loan without having to refinance your current home and use those funds to purchase a new home.