In an ideal world, we could all time our home purchases in such a way that we are able to sell our existing home before we buy our new one. But life does not always work out that way. Sometimes, you need to move on a new home before you are able to sell your old one.
How can you juggle your finances when you have two mortgages at once? At McGowan Mortgages, we offer a special product to address this scenario, called Cash for Keys. This program includes a bridge loan, but it is more than just a bridge loan.
Our Cash for Keys Program
With our Cash for Keys program, you do not have to wait until you sell your current home to buy a new one. Being able to purchase your new home immediately helps you:
- Move right away if you are required to for your job.
- Buy your dream home instead of missing out on your chance.
- Get your move out of the way so you can settle down and start enjoying your new home.
With your move completed, you can then focus fully on selling your old home. This allows you to move your belongings out and fully stage your old home to get top dollar when it sells.
There are two components to our Cash for Keys Program:
- 0% bridge loan. You borrow against the equity in your current home to access these funds as a cash-out refinance, which you can then use for your down payment and closing costs.
- A guaranteed offer on your old home through Homelight. Thanks to this offer, you do not need to list your current mortgage payment as part of your debt-to-income (DTI) ratio on your new home loan application.
As you can see, the Cash for Keys program goes further than a regular bridge loan program, which only includes that first component.
The second component with the guaranteed offer can help you more easily qualify for the mortgage on the home you are buying. Having to include your existing mortgage would significantly increase your DTI ratio, which would limit how much you qualify for on a new home.
You have 21 days to list your old home for sale after you close on your new home, and 90 days to get it under contract.
During your consultation, we can go over the full details of the Cash for Keys program with you. We can also answer any questions you might have and walk you through how it works step-by-step.
Buy a Home Now
Regardless of the timing you are up against, there are solutions that can help you move forward quickly and easily with your home purchase. Cash for Keys can help you buy a new home even before you sell the old one. We can help you apply for Cash for Keys in Missouri or 40 other states. To get started, please give us a call at (816) 631-9687.
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