Questions about the process of buying a new home and selling my current home
We are looking to buy a bigger place sometime in the next 12 months. I had a few questions about the process of buying a new home and selling our current home. Assuming that it will be a seller's market, we will likely decide to buy first (our current condo should be a quick sale looking at the comparables). Also, we will need the equity from our current home to make the downpayment. Given this situation, I have a few questions if I decide to go with a new lender for the new home:
1. Would the new lender pre-approve the mortgage considering that our downpayment would consist of the proceeds from the sale of my current home? Would this require any appraisal of my current home?
2. Will the new lender be able to offer a bridge loan even though I'm switching?
3. Do I need to arrange anything with my current lender (or broker) beforehand? Or, will my lawyer take care of everything when closing the sale and discharging our current mortgage?
Thanks.
1. Would the new lender pre-approve the mortgage considering that our downpayment would consist of the proceeds from the sale of my current home? Would this require any appraisal of my current home?
2. Will the new lender be able to offer a bridge loan even though I'm switching?
3. Do I need to arrange anything with my current lender (or broker) beforehand? Or, will my lawyer take care of everything when closing the sale and discharging our current mortgage?
Thanks.