We currently live in New York and are planning to sell our current house and buy a new one in a nearby town.
It is a major seller’s market right now, so selling isn’t a big concern.
We are considering finding the right house first, then listing our current house, assuming it will sell quickly. This means we won’t necessarily have the money from the sale to cover the closing costs and down payment for the new house.
Our options are- Use a 401k loan of $50,000, then pay it back as soon as we sell Get a home equity loan and pay that back as soon as we sell Sell the house first and hope we find the perfect home and that our offer is accepted
My husband is concerned that we will lose money because of the current low market.
If we pay it back quickly, will it really make that much of a difference? Should we just use the home equity loan? I’d really appreciate a point in the right direction to research this accurately. Thank you.
Submitted March 12, 2020 at 10:53PM by Jacalrylu https://ift.tt/39PqPzF
