Buying a new home while selling your current home

" Buying a new home while selling your current home brings a unique set of circumstances, including the possibility of paying two mortgages, living in a rental home for a short period, and bridging financing between both homes. But if your family has outgrown your current home and you are ready to make a change, consider the following tips to help the process go smoothly. Here are some great tips from First National Bank on what to consider. 

                                                                                     

4511 Krug Omaha, NE 

• Evaluate the Market: Before you put your current home up for sale, you should evaluate the current housing market and look into the prices of houses in your neighborhood, as well as your potential new neighborhood. It’s important to get a good picture for how much homes are selling to help you determine how much you need to sell your current home to afford the home you want.
• Get Pre-approved for your New Mortgage: In today’s credit environment, it’s important to get a formal loan commitment from your bank to guarantee successful financing for your new home and to ensure there are no surprises or hiccups along the way that can be avoided. First National Bank will help you find a mortgage to fit your situation with low interest rates. Visitfirstnational.com/mortgage or contact a mortgage specialist today at 877-687-5626 to get started on the pre-approval process.
• Consider Purchase Contract Contingencies: If you find a new house before you have sold your current house, it may be smart to make your purchase contract dependent on selling your current house. On the flip side, if you have found a buyer for your current house but have yet to find your new home, add a contingency that your closing will be dependent on your ability to close on a new house.
• Develop a Plan to Bridge Financing: You should prepare yourself to potentially own two houses. With that possibility comes the mortgage payment and expenses of two houses. Prepare for this by building up your savings ahead of time, or consider taking out a bridge loan. Bridge loans allow you to borrow money for the down payment on your new home based on the equity in your current home. However, bridge loans can include a variety of fees and a high-interest rate. Another option is to take out a home equity loan, and payoff the loan once you’ve sold your current home.

Purchasing a new home can bring numerous scenarios into play, depending on your personal and financial situations. First National Bank is here to work closely with you to ensure your finances are in place and the process goes smoothly during this exciting and important time."