The IRS allows you to forgo paying capital gains taxes on your home (up to $250k if you are single and up to $500k if you are married) provided you have lived in the home for two of the last five years when you sell. There is no need to roll the equity into your new home. You can do with it what is best for you.
For starters, some mortgage lenders have pre-payment penalties that kick in if you refinance your loan or sell your home within three to five years. Also, getting a mortgage can affect your credit scores, so if you apply for a refinance loan shortly afterward, it could influence your qualification requirements, making it difficult to get a new loan to replace the old one.
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Since no dream home is worth getting stuck with two mortgages, you need to learn how to successfully buy a home and sell your home at the same time. Don't .
If you plan to sell your home and buy another, which should you do first? If you sell first, you’ll be under time pressure to find another house quickly — and may end up settling for less than you wanted, overpaying, or stuffing yourself and all your possessions into a hotel room until you can buy a new place.
Bank offers a specialized equity loan. The loan is paid in full when the home is sold. The borrower agrees to sell within 12 months. "Because these are portfolio loans, we don’t generally have to follow Fannie Mae or Freddie Mac guidelines," says Jay Richardson, a senior loan officer with MVB Mortgage in Fairfax, Virginia.
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