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How to Buy Another House Before Selling Yours

Whether you're a first-time homebuyer or purchasing your second home, buying and selling property is stressful. Doing both at the same time is downright daunting! It's hard to consider finding the best offer for your current home while having enough of a down payment for your new home, all the while ensuring you have a roof over your head in the middle of it all. Contingency offers are possible, but in today's sellers' market, it's easier for a seller to move onto another buyer with no contingency restrictions and save them the hassle.

Family in front of their house
Don't despair, there is another solution!

An Easy Move Cross Collateral Loan, available through WaFd Bank, lets you stay in your current home while you close on your new home. Then, after you've moved, you can sell your existing home without the pressure of accepting the first offer you get or feeling a tremendous time crunch.

The benefit of the Easy Move Cross Collateral Loan:
  • Purchasing power to make a competitive offer on a new home.
  • Ability to buy or build your dream home, before your current home is sold.
  • Avoid the hassle of contingency loans.
  • Flexibility to purchase your new home with up to zero down financing (which includes closing costs) depending on how much equity* you have in your current home.
  • After the sale of your current home, you apply the proceeds to reduce your Easy Move Cross Collateral loan**.
  • No pressure to sell your old home right away so you can get the best offer.
  • No hassle of having to constantly show your home while you are living in it.
Next Steps? Get Prequalified!

Before you even start the search process, it is essential to know your finances and set a budget. When you get prequalified, WaFd Bank does the math for you, so you know how much you can afford and stay on track. Your current mortgage amount is factored into this equation. If you can't find your dream home on the current market, don't panic. The loan also works for new construction! If you do decide to purchase, you'll have 90 days to find your dream home, and if that's not enough time, let us know and we will work to extend your preapproval another 90 days.

Ready to take the next step or want to learn more about how to buy another house before selling yours? Our experienced team at WaFd Bank is here to help!

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*The equity of your home is the difference between the value of your home and how much you owe on your mortgage. If your home is worth $350,000 and you owe $150,000 on your mortgage, your equity is $350,000 minus $150,000 or $200,000.

**The Easy Move Cross collateral loan is calculated based on a maximum 75% combined loan to value (CLTV) up to $1,500,000 less any existing mortgage owed on your current home. The Easy Move Cross Collateral loan is calculated as follows:
For example, when the current home is valued at $350,000 with an existing mortgage of $150,000 and the new home is priced at $400,000, the combined equity totals $750,000 minus the existing mortgage = $562,500. The maximum loan amount is 75% of $562,500 = $412,500.00.
The Easy Move Cross Collateral loan will finance the purchase price plus closing costs as long as the total is less than $412,500 without requiring the contingency of selling your current home.
Restrictions and conditions apply. Subject to credit approval.
Easy Move Cross Collateral Loan Program requires the current home and the new home located in the same state.
Easy Move Cross Collateral Loan program is not available in Texas.


Find a WaFd Bank Loan Officer


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