How to Use Your Home Equity to Buy Your Next Home
You’ve built up equity in your current house, and now you want to use that money to buy your next home. But how does the money actually get from one house to the other?
In this video, Todd breaks down exactly how home equity works when you’re selling one home and buying another. We’ll talk about how to calculate your actual net equity, the different ways you can access it, and how quickly those funds can move from the sale of your current home into the purchase of your next one.
We cover selling your home, HELOCs, cash-out refinances, bridge loans, wire transfers, title companies, and what happens when you need the proceeds from one closing to fund the next.
Todd also explains some of the common mistakes homeowners make when estimating their equity. Your home’s value minus your mortgage balance isn’t necessarily the amount of cash you’ll walk away with. Closing costs, fees, taxes, insurance, loan payoffs, and even timing can affect the final number.
The good news? Moving equity from one house to another can often happen within hours or days when everything is planned correctly.
If you’re trying to figure out how to buy and sell a home at the same time, this video will help you understand what happens to your money and how to build a plan that makes the transition as smooth as possible.
Call or Text us ANYTIME 214-216-2161
or visit www.dallashomerealty.com
THIS SHOW IS BROUGHT TO YOU BY:
The Patrick Glaros Mortgage Team: (469) 399-2411
Republic Title: (972) 423-8777
our insurance guy, Kyle Freire with TWFG Insurance: (954) 594-5347
And the Todd Tramonte Home Selling Team: (214) 216-2161
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My name is Todd Tramonte, and I've been a Real Estate Broker and Team Leader of the Todd Tramonte Home Selling Team in Dallas Fort Worth for the past 15+ years. If you need an expert, full-time, fully committed agent, call our team. If you have ANY questions about relocating to Dallas Fort Worth or moving within Dallas Fort Worth, please contact us:
CALL: 214-216-2161
EMAIL: [email protected]
WEBSITE: https://www.dallashomerealty.com/