Can I Buy a House Without a Home Loan through Mortgage House After Selling My House?
Homeowners who continue making their repayments on time and without incident, accrue equity in their home. Home equity is the difference between the property’s value and the mortgage amount owed against it. The lower the mortgage, the higher the equity.
Those who have an existing mortgage and have a portable clause in their home can technically buy a house without a mortgage. There are other ways to approach the transaction too.
For example, the less you owe on your current home, the more proceeds you receive after the sale. If you purchase a home that has a comparable value to your proceeds, you don’t require a high-value mortgage. Keep in mind that lenders have a minimum home loan amount that hovers at $100,000.
You might need the minimum mortgage to bridge your finances from the current home to the new one. In this case, Mortgage House provides alternate financing solutions including the bridging home loan.
To obtain a better picture of your options, speak with our loan specialists. They detail how to minimise the amount you need to borrow for your new home. A bridge loan is an answer for many homeowners selling and buying simultaneously.
Check out our Mortgage House mortgage calculator too.
Buy a House Without a Mortgage Conclusion
If you hope to buy a house without a mortgage, speak with the loan specialists at Mortgage House. They examine your current financial situation. They also take a look at your current mortgage. If it’s possible to parlay it into the new home, they evaluate the numbers and render a decision.