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Can I Buy Without Selling First?

Sellers this ones for you...

Are you thinking of ways to purchase without having to sell first?

A home equity line of credit (HELOC) works great for home improvement projects or to consolidate debt.  This is what most people think are the only options when it comes to a HELOC. But most homeowners never think to use them for THIS: to make a down payment on another home purchase. 

Most people are under the assumption that in order to upgrade, relocate, downsize, etc., that it will take the process of selling their current home first.  Which can inevitably cause stress and fear - especially in a market like we're seeing right now with very limited inventory.  This might be true in some cases but certainly not all.  Have you lived in your home for 10+ years?  If so, you've certainly got some equity built up that you could benefit from without parting ways with your current home.  This is where a HELOC comes in...

A HELOC is a fantastic tool that gives homeowners the opportunity to take that equity you've built from your current home, and purchase a new home without the stress of selling your current home at the same time.  It offers the ease of transitioning without the stress.

We've asked these local lenders about HELOC options and what they can offer for homeowners.  They are offering their knowledge to help you decide if a HELOC could be the right option for you...

Kareem Sanjaghi:

A Home Equity Line of Credit (HELOC) allows borrowers to access the equity in their current home for use as down payment on a new home purchase. This frees up funds to be used prior to the sale of their current home. With this option, you only pay interest when the funds are drawn. So for example, if it takes 6-12+ months to find a home, you would not begin making any payments during that time period until you draw from the line.

The HELOC must be paid off upon sale of your home, and in the end you will only have the mortgage on your new home.

Cape Cod 5 offers HELOCs and borrowers must qualify with all debts including any current debts/mortgage(s), the HELOC, and the proposed new home loan.

Contact Kareem to learn more or discuss your options.

Kareem Sanjaghi | Mortgage Loan Officer | Cape Cod 5

NMLS #1722462

email: [email protected]

mobile (talk/text): 774-722-5179

eFax: (508) 247-1343


I have been working for Eastern Bank for five years but I’ve been in banking for over 15!  I truly believe that everyone who has a home should have a HELOC for several reasons, the greatest being peace of mind!  If something unexpected arises such as needing a new roof or new septic, or a sudden loss of a job or an illness in the family, the money from the HELOC is readily available. 

At Eastern we try to makes things as quick and painless as possible.  From application to closing takes about three weeks which is much lower than the industry standard.  We are also loaning at 80% LTV rate which is higher than the industry standard.  In order to apply for our best rate of PRIME - .50% APR, you only need to open a checking account, draw $25,000 at closing and have monthly automatic payment.  We do not tier our pricing based on credit score and we also do not require your  application to be over $100,000.


Laurie C. Caraher | Vice President | Branch Manager


Eastern Bankshares, Inc. (NASDAQ: EBC)

Eastern Bank | 71 Carver Rd | West Plymouth, MA  02360

email: [email protected]

phone: 508-747-6868

fax: 508-747-6866

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