Four ways to move forward.
Backup purchase contract
A third-party provider’s conditional purchase contract may help an accepting lender exclude your current mortgage from qualification.
This is a contract, not a loan. Your existing mortgage remains your responsibility.
Borrow against your current home
Access eligible equity for your next down payment and closing costs, then repay the short-term loan from sale proceeds.
The next mortgage requires its own approval. Deferred payments still accrue interest.
Finance the home you want
A bridge loan secured by the home you’re buying may support an offer without a home-sale contingency.
Approval and contract terms apply. This path requires a plan for a long-term refinance. A backup purchase contract may be required to exclude your current mortgage from qualification.
Connect the equity in both homes
A bridge loan secured by both properties connects the purchase and sale, without a backup purchase contract.
Both homes must be in the same state; the new home must be your primary residence. Sale proceeds reduce the balance, then the remainder is refinanced.
Lance helps you compare financing options. Any backup purchase commitment comes from a third-party provider under its written contract.
What would make your move easier?
Less cash upfront
Eligible equity may help finance purchase and closing costs. Those costs are borrowed, not waived. Ask for your actual cash-to-close estimate.
A smaller home. A new chapter.
An eligible downsizing structure may be repaid fully from sufficient net sale proceeds, without a new long-term mortgage. Confirm the numbers and a backup plan first.
Make the costs part of the plan.
- Backup contract: the purchase price is discounted from estimated market value, and the upfront fee is nonrefundable. The signed contract controls the conditions, deadlines and any later resale proceeds after transaction costs.
- Bridge financing: deferred payments still accrue interest. These loans have a short-term balloon payoff obligation, plus applicable financing and closing costs.
- While you own both homes: existing loans, taxes, insurance, maintenance and applicable HOA dues remain your responsibility. A slower sale can increase costs.
- The exit: confirm net sale proceeds, payoff requirements and any refinance before committing. Future refinancing is not guaranteed; a home securing unpaid debt is at risk.
What to confirm before making an offer
Review property, state and borrower eligibility; the written fee quote; any backup-contract purchase price, cancellation rules and deadlines; and your plan if the sale is delayed or proceeds fall short. Later proceeds after a provider resells may be reduced by closing costs, holding costs and real estate commissions.
Before you make your move.
Does a backup contract automatically remove my current mortgage?
No. Your new lender must accept the contract under its program rules. You still owe your current mortgage until it is paid off.
Does “Cash Offer” mean I am not borrowing?
No. The BBYS Cash Offer option is short-term purchase financing. Review the offer structure, bridge obligations and planned long-term mortgage with Lance.
Will I always need to refinance?
The purchase-home and cross-collateral bridge options include a refinance step. Other eligible structures, including some downsizing plans, may be repaid fully from net sale proceeds. Confirm your specific exit plan.
Could I still need cash at closing?
Yes. Available equity and approval determine what may be financed. Reserves, prepaid items or other costs may require cash. Financed costs still must be repaid.
Let’s connect the two transactions.
Tell Lance where you’re buying, your timing and whether your current home is listed. We’ll identify the paths worth comparing.
Ready to provide records? Use our secure document upload.
Options are available through participating providers. Availability, pricing and requirements vary by state, property and borrower and may change. All financing is subject to underwriting and approval. Signed loan documents and purchase contracts control. This is not a commitment to lend or a guarantee of qualification, sale price or closing date.