How to Buy a Home Before Selling Your Current One

Do You Have to Sell Your Current Home Before Buying Another?

You’re ready for a new home.

There’s just one problem...

You already own one.

Maybe you need more space. Maybe you're ready to downsize. Maybe you want to move closer to Columbus, relocate to another Central Ohio community, or finally make the move to an area like Hilliard or Dublin.

Then comes the big question:

“How am I supposed to buy another home when so much of my money is tied up in this one?”

For many Central Ohio homeowners, that's where the conversation stops.

They assume they have to sell their current home first, find somewhere temporary to live, move everything out, and then start shopping for their next home.

But selling first isn't always your only option.

At Vermillion Lending Team, Powered by Ruoff Mortgage, we help homeowners throughout Columbus and Central Ohio look at the entire picture and build a mortgage strategy around what they're actually trying to accomplish.

For qualified homeowners, that may include bridge financing or another buy-before-you-sell strategy that could allow you to access some of the equity in your current home before it sells.

Your next move may be Closer Than You Think.

What Is a Bridge Loan?

A bridge loan is a short-term financing option designed to help bridge the financial gap between the home you own now and the home you want to purchase next.

For homeowners who have owned property in Columbus or Central Ohio for several years, there may be significant equity built into the home.

The challenge?

That equity isn't sitting in your bank account.

It's tied up in your house.

Depending on the program and your qualifications, bridge financing in Ohio may allow you to access a portion of your existing home equity before your current property sells and use those funds toward your next home purchase.

That can change the conversation from:

“We have to sell before we can buy.”

to:

“Let's look at our options and figure out the best way to make the move.”

Why Buy a Home Before Selling in Central Ohio?

Trying to coordinate the sale of one home with the purchase of another can be one of the most stressful parts of moving.

You may be worried about making an offer contingent on selling your current home. Maybe you don't want to rush into your next property because your existing home is already under contract.

Or perhaps you simply don't want to sell, move into temporary housing, and move again once you finally find the right house.

For qualified Central Ohio homebuyers, a buy-before-you-sell strategy may provide more flexibility to:

• Buy your next home before selling your current one

• Access equity that would otherwise remain tied up until closing

• Avoid trying to perfectly coordinate two closing dates

• Move before preparing your current home for the market

• Keep more of your savings available

• Potentially make an offer without a home-sale contingency, depending on your financing

• Give yourself more time to properly prepare and market your current home

Whether you're moving across Columbus, from Hilliard to Dublin, elsewhere in Central Ohio, or even out of state, having a plan before you list can make a major difference.

It's not about taking on financing just because it's available.

It's about creating a strategy that makes sense for your move.

How Does Buying Before Selling Work?

This is where working with an experienced Central Ohio mortgage lender can help.

With 26 years of mortgage experience, Jodi Vermillion has helped homebuyers and homeowners navigate changing markets, unique financial situations, and moves throughout Ohio and beyond.

Instead of starting with a particular loan product, we start with you.

We'll look at:

Your current home What is your Central Ohio home worth? What do you currently owe? Approximately how much equity have you built?

Your next home Where are you considering moving? What price range are you looking at? How much will you need for your down payment and closing costs?

Your financial picture We'll review income, credit, assets, existing obligations, and the financing options that may be available to you.

Your timeline Are you already looking at homes? Have you found one? When would you ideally list and sell your current property?

Once we understand the full picture, we can walk you through your available options and help you determine what makes sense.

What If My Down Payment Is Tied Up in My Current Home?

This is a common concern for homeowners looking to buy another home in Central Ohio.

You can have substantial equity in your property without having that same amount sitting in a savings account.

Maybe you've owned your Columbus-area home for years and built equity along the way, but you were planning to use the proceeds from selling it for the down payment on your next home.

That's exactly why we recommend talking with a mortgage professional before assuming you have to sell first.

Depending on your qualifications and available equity, there may be financing strategies that allow you to leverage some of that equity during the transition.

Bridge Loan vs. HELOC: What's the Difference?

A bridge loan and a HELOC are not the same thing.

Bridge loans, HELOCs, and home equity loans can all involve accessing the equity in your current home, but they're structured differently and can serve different purposes.

One isn't automatically better than another.

The right strategy depends on your available equity, income, credit, timeline, current mortgage, next home purchase, and overall financial goals.

Rather than trying to determine which loan product you need on your own, tell us what you're trying to accomplish.

We'll help you work backward from there.

Is Buying Before Selling Right for Every Ohio Homeowner?

No.

And we'll be the first to tell you that.

For some homeowners, buying before selling can provide valuable flexibility.

For others, selling their current home first may still make more financial sense.

Our job isn't to force your situation into a particular mortgage program.

Our job is to help you understand your options so you can make an informed decision.

That's been the foundation of how we approach mortgage lending for more than two decades.

Talk to a Central Ohio Mortgage Lender Before You List Your Home

If you're considering selling your home in Columbus, Hilliard, Dublin, or elsewhere in Central Ohio, one of the best times to talk with us is before the for-sale sign goes in the yard.

We can review your estimated home equity, current mortgage, income, next-home budget, and timeline to help you understand what buying before selling could look like.

You don't need to have everything figured out.

You don't even need to know exactly which mortgage program you need.

That's our job.

Your Next Central Ohio Home May Be Closer Than You Think

If you've been putting off a move because you keep thinking:

“I have to sell my house before I can buy another one.”

Let's have the conversation before you make that assumption.

At Vermillion Lending Team, Powered by Ruoff Mortgage, we help homeowners throughout Columbus, Hilliard, Dublin, and Central Ohio understand their mortgage options and create a strategy around where they want to go next.

We'll look at your current home, your equity, your next-home goals, and the financing options that may be available to you.

26 years of experience. Multiple financing options. One local mortgage team helping you find the right path forward.

Because your next home may be Closer Than You Think.