Obstacle 03 · Purchase funds
How would I fund this purchase?
Needing your equity eventually is different from needing it on closing day. Start with the cash available now and the amount needed to buy this home.
I could buy with less down and bring equity later.Explore applying sale proceeds after closing and requesting an eligible recast.I need my equity before I can close.Explore bridge financing, existing or appropriate home-equity financing, and cross-collateral options.
A few things matter.
- Include closing costs and a cash cushion—not just the down payment.
- Confirm when funds can actually be available; access to equity is not automatic.
- Review temporary payments and the post-sale mortgage you ultimately want.
Funds and approval are separate checks.
Having the down payment does not establish that you qualify while still owning your current home.