GTFan
Thinks s/he gets paid by the post
The DW and I are going down to Melbourne, FL at the end of the month and as part of the trip are going to look at houses in Viera, specifically new construction options in the Bridgewater community. I know that the typical process is to get a construction loan with the builder paid in installments, is that how a contract is done with cash? Never bought a new house before, much less one with cash.
My strategy (if we find what we're looking for) is to get a portfolio backed loan at 3% or so from Schwab, then pay it back after we close on the new home and sell the old one. That way I can avoid selling investments until we move down there so we won't get hit with GA income tax, plus we won't have to sell as much upfront to raise the cash since we'll be using proceeds from old house to help pay off the loan. Looking for opinions from folks who have done this vs. getting a HELOC on the old house first etc. The Schwab option seems to be the quickest and easiest way to bridge over the old house to new vs. selling old, renting in FL and moving twice.
My strategy (if we find what we're looking for) is to get a portfolio backed loan at 3% or so from Schwab, then pay it back after we close on the new home and sell the old one. That way I can avoid selling investments until we move down there so we won't get hit with GA income tax, plus we won't have to sell as much upfront to raise the cash since we'll be using proceeds from old house to help pay off the loan. Looking for opinions from folks who have done this vs. getting a HELOC on the old house first etc. The Schwab option seems to be the quickest and easiest way to bridge over the old house to new vs. selling old, renting in FL and moving twice.