One of the biggest stressors for home buyers and sellers is the prospect of being financially responsible for two homes. To avoid that possibility, many buyers make their offer contingent on the sale of their existing home. But contingencies can weaken buyers’ chances of landing the home they want. So, some buyers lean on personal loans, piggyback loans or even their 401(k) savings.
Find out why more borrowers are temporarily tapping the equity in their current home to avoid making a contingency offer on their next home.
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