If this is very short term money, house repairs until house is sold, there may be other viable options.
We bought our last house with a cash offer, no contingencies. We were selling our then current house with a closing date slightly in advance of the closing date for the house we were purchasing. We took out a large short term loan from a 401k plan and had that available in case the closing on the sale house was delayed. It cost us very little to do this.
All closings went as scheduled and we paid the money back - the short term loan length was about 2 months.
Maybe a short term home equity loan would cost less as well.
We bought our last house with a cash offer, no contingencies. We were selling our then current house with a closing date slightly in advance of the closing date for the house we were purchasing. We took out a large short term loan from a 401k plan and had that available in case the closing on the sale house was delayed. It cost us very little to do this.
All closings went as scheduled and we paid the money back - the short term loan length was about 2 months.
Maybe a short term home equity loan would cost less as well.
Statistics: Posted by Peter Foley — Thu Sep 12, 2024 11:07 pm — Replies 3 — Views 253