A cross-collateral home loan allows you to utilize the equity in your current home to purchase a new property with a single loan

Let me introduce you to the cross-collateral home loan, a financing option that simplifies the home-buying process. This is a program for buyers with a lot of equity in their homes who want to purchase and then sell after moving.A cross-collateral home loan allows you to utilize the equity in your current home to purchase a new property with a single loan. By encumbering both the new and current home, we streamline the buying process for you. For instance, with a current residence valued at $540,000 and a mortgage balance of $200,000, a new home priced at $820,000 can be purchased with no down payment. This results in a cross-collateral loan amount of $820,000. After the current home is sold, a portion of the loan is repaid, and the loan payment is recalculated based on the new balance and remaining loan term.

This option provides an efficient solution for buyers looking to transition smoothly between homes. Rest assured, I am here to guide you through the details and answer any questions you may have. Call or email me to set up a time to discuss how this program can work for you.