Using Your Home Equity to Buy a New Home

In today’s competitive real estate market, homeowners often face challenges when trying to upgrade or invest in a new primary property. If you are feeling the pressure to sell your current primary home before securing your next one, Wescom Financial has good news for you. The Home Equity Line of Credit (HELOC) Flex Product is here to provide the flexibility you need in your home financing journey.

What is a HELOC Flex?

A HELOC Flex, similar to a “bridge loan” or “swing loan,” is designed to help you leverage the equity in your current primary residence for your next primary home purchase. This unique offering is especially advantageous for homeowners who want to leverage the equity in their existing primary home before selling it to purchase a new primary residence.

Key Benefits of the HELOC Flex

1. Flexibility in Timing: One of the standout features of the HELOC Flex is that you do not need to wait for your current primary home to sell before buying your new primary property. This means you can act quickly in a competitive market, ensuring you do not miss out on your dream home.
2. Access to Funds: With the HELOC Flex, you can access the funds you need for a down payment or outright purchase of a new primary home almost immediately. This immediate liquidity allows you to secure the financing needed while managing the sale of your current primary home at your pace.
3. Peace of Mind: Transitioning from one home to another can be stressful. The HELOC Flex Product alleviates some of that pressure, providing you with the confidence to make a move by accessing your home’s equity without the need for it to be sold first.
4. Competitive Rates: Wescom’s competitive pricing ensures it is an attractive option in the current landscape. You can focus on finding the right property without worrying about finances holding you back.

How Does it Work?

To utilize the HELOC Flex, homeowners can apply for a line of credit based on the equity in their current primary home. The loan is set up in a way that allows you to draw from it as needed, giving you the flexibility to pay for the down payment or purchase of a new primary home.

Is the HELOC Flex Right for You?

If you are considering a move or investing in a new primary property but are concerned about the timing of selling your current primary home, the HELOC Flex could be the solution you need. It is particularly beneficial for those looking to upgrade into a new primary residence and be more prepared than other buyers in a competitive purchase landscape.

Take the Next Step

If you are interested in learning more about how the HELOC Flex Product can help you transition to your next home smoothly, visit wescom.org/home-loans/home-equity