In a competitive homebuying market like the Greater Seattle area, homes sell fast and are often in multiple offer situations. If you don’t have a 20% down payment at the ready, because you haven’t sold your existing home, you can tap into that home’s equity to purchase your new home by acquiring a HELOC – home equity line of credit.
Here are the top 6 reasons The Six Degrees Team recommends HELOCs for some of our buyers:
- It’s the easiest and fastest loan to secure – usually in under a month’s time
- You’re not fussing with expensive bridge loans or penalties by accessing your 401k
- You’re not displacing your family by selling your existing home first
- You can get pre-approved right away and start house shopping
- It’s attractive to sellers as it’s one less contingency on your offer
- In a competitive market, you can sell your current home quickly after securing your new home and be able to immediately pay off your HELOC at closing
“Many of our clients have had great success leveraging their equity as a downpayment so they could move up to a larger home to better accommodate their family.”
Could a HELOC get you into your next home? Let’s help you find out. We can connect you with our preferred lenders and banks who offer HELOCs that can get you pre-approved right away. Contact us.
Click here to read about how we work with our buyers. Does your home need some sprucing up before it goes on the market? We have a program dedicated to sellers whose homes need a little work before they sell. Put simply, we expedite the home updates so your home sells faster and for a higher value. Learn more.