The parent company of our broker - Max Broock - has a host of in house resources that we can refer our clients to, including John Adams Mortgage. Recently, they unveiled a suite of innovative products designed to help our clients make their next move is (literally) down the hall from our office!
Today, we will detail two of those programs that can help you get the space you need in your next home without having to write an offer contingent on the sale of your current home, the likes of which aren't being widely accepted in this busy, fast paced market.
Bridge Loans “bridge” the gap between
your new home and the sale of your current
home
Bridge Loan
• One of the biggest challenges of selling and buying at the same time is having to deal with a double mortgage.
• Or you may need the equity from your current home for your down payment on your next home.
• The mortgage division of our HomeSuite services offer a solution – a Bridge Loan.
• Another thing to be aware of is that a Bridge Loan can also be used to fix up or renovate your current house, to help you get a higher return when you sell it.
• You are able to borrow up to 80% of your home value (your current mortgage + Bridge = 80% or 75% if you are using the Bridge to renovate/fix up your current home).
When combined with our HouseHop program, you will be able to maximize your borrowing ability, removing your Bridge Loan payments from your new mortgage approval process..
• We can connect you with our John Adams Mortgage broker who will be able to break
this down for you detail by detail and get the
process started for you.
HouseHop gives you an additional option
to help ensure you get the home you want,
when you also have a home to sell
iBuyer Program
• HouseHop is our iBuyer program and we’re the only one in Michigan.
• HouseHop is a great option if you want to sell your home fast at a competitive market value without having to deal with listing your home or the hassle of showing appointments.
• You’ll submit an application and HouseHop will send you an offer within 72 hours.
• Using HouseHop is slightly more expensive, but it gives you flexible moving terms and it’s helpful if you don’t qualify for a Bridge Loan and need a down payment for your next home fast.
• Your current house must meet certain qualifications to work with HouseHop,
• Combined with a Bridge Loan, it can maximize your flexibility when making offers on your new home.
• We will even allow you to keep your home on the market while you get ready to close on your new home, giving you the opportunity to accept a higher offer and maximize the proceeds from your home sale.
• Visit HouseHop.com to learn more about this process.
• Let us know if you are going to apply to
HouseHop, so we can assist along the way
We are here to help!!!
