Mortgage Guides
Move-Up Buyer Guide: Selling Your Home and Buying the Next One
You can buy your next home first, sell your current home first, or line up both closings in the same week. The right path depends on your equity, your savings, and your family's calendar. This guide from Brown – A Legacy of Home Lending explains each option, how bridge loans and HELOCs generally work, and what a hassle-free closing should look like.
Moving up at a glance
- Buy first means one move but possibly two housing payments; sell first means you know your equity but may need a short-term place to live.
- A bridge loan or a HELOC on your current home can let you use equity before it sells. Both are borrowed money secured by your home and are subject to approval.
- Federal rules require your Loan Estimate within 3 business days of application and your Closing Disclosure at least 3 business days before closing.
- At Brown – A Legacy of Home Lending, most purchase loans close in 30 to 45 days from accepted contract, with one advisor from start to finish.
- Brown serves move-up families from Edwardsville (Metro East), Oakbrook Terrace (DuPage County), and Lake Geneva (Walworth County).
The Big Decision
Should I buy my next home first or sell my current home first?
There is no single right answer. Buying first lets your family move once, but you may carry two housing payments until your current home sells. Selling first shows exactly how much equity you have and keeps you to one mortgage, but you may need temporary housing. Many families aim for both closings in the same week.
The honest comparison below is the same one a Brown advisor walks through with you, using your real numbers instead of rules of thumb. Neither path is "safer" for everyone.
| Factor | Buy first | Sell first | Both in the same week |
|---|---|---|---|
| Biggest advantage | One move, and you shop without a sale deadline. | You know your exact equity before you commit. | Sale proceeds can fund the purchase, and you move once. |
| Biggest risk | Carrying two payments longer than planned if your home sells slowly. | Moving twice, or feeling rushed to find the next home. | A delay on one closing can push back the other. |
| Qualifying | You generally need to qualify with both housing payments, or use a bridge loan or HELOC. | Simplest: one mortgage counted in your debt-to-income ratio. | A signed sales contract on your current home can help, depending on the loan program. |
| Offer strength | Strong if you do not need a home-sale contingency. | Strong: no home-sale contingency needed. | Often includes a home-sale contingency, which some sellers see as less certain. |
| Where you live in between | Your new home. | A rental, family, or a rent-back from your buyer if negotiated. | Usually no gap, if both closings stay on schedule. |
| Often fits | Families with solid equity and savings, or a firm school-year deadline. | Buyers who need sale proceeds for the down payment or want certainty first. | Families in a market where their home is likely to sell quickly. |
Whichever column fits you, get pre-approved before your home goes on the market so you know which path your budget supports.
Qualifying
Can I qualify for a new mortgage while I still own my current home?
Often, yes. If your current home has not sold, a lender generally counts its payment, along with any bridge loan or HELOC payment, in your debt-to-income ratio. If your income supports both, you can buy first. If not, a signed sales contract on your current home or a sell-first plan may be the better route.
Underwriting rules vary by loan program, so here is one concrete example. Fannie Mae's Selling Guide treats a bridge loan used to buy a new principal residence before the current one sells as a contingent liability that must be included in the debt-to-income ratio. Fannie Mae waives that requirement when the borrower provides a fully executed sales contract for the current home and confirmation that any financing contingencies have been cleared.
In plain English: the further along the sale of your current home is, the easier it usually is to qualify for the next one.
Using Your Equity
How can I use my home equity to buy my next home?
There are three common ways to put your equity to work: wait for sale proceeds at closing, borrow against your current home with a home equity line of credit (HELOC), or use a short-term bridge loan. The last two let you buy before your home sells, but both add a payment and are secured by your home.
Simplest
Sale proceeds
If you sell first, or close both homes in the same week, the equity from your sale can go toward your next down payment and closing costs. No extra loan, no extra payment.
Buy before you sell
Bridge loan
Short-term financing, secured by your current home, that lets you buy your next home before your current home sells. It is generally repaid from the sale. Terms vary, so ask your advisor about current options.
Flexible
HELOC on your current home
A line of credit secured by your home's equity that you draw on as needed, for example toward a down payment. HELOCs usually have adjustable rates and generally must be paid off in full when you sell.
How does a bridge loan generally work?
A bridge (or swing) loan borrows against the equity in the home you are selling so you have funds to close on the home you are buying. When your current home sells, the sale proceeds generally pay the bridge loan off. Fannie Mae accepts a bridge loan as a source of funds for a new home when it is not cross-collateralized against the new property and the lender documents that you can carry the new home, your current home, the bridge loan, and your other obligations.
The trade-off is cost and risk. A bridge loan is extra borrowing with its own terms, and if your home takes longer to sell than expected, you keep making payments on everything. Brown – A Legacy of Home Lending offers Bridge Loans, subject to approval; your advisor can show you current terms side by side with other options.
Is a HELOC a better fit?
According to the Consumer Financial Protection Bureau, a HELOC works like a credit card secured by your home: you can draw money multiple times up to a limit, the rate is usually adjustable, and your payment can change even if you do not borrow more. If you sell your home, you are generally required to pay off the HELOC in full.
Because of that, the CFPB suggests weighing whether up-front costs such as appraisal, application, and closing fees are worth it if you expect to sell soon. And because your home secures the line, falling behind could put it at risk. Set up any HELOC with your advisor before you list, as part of the full plan for both homes.
Making Your Offer
How do home-sale contingencies work, and how can I make my offer stronger?
A home-sale contingency makes your purchase depend on selling your current home, usually within a set time. It protects you from owning two homes, but some sellers see it as less certain than an offer without one. A full pre-approval and a written plan for your equity can make a contingent offer more competitive.
The contingency itself is a contract term that your real estate agent (and your attorney, if you use one) negotiates, and the exact wording varies by contract form and state. Your lender's job is to show the seller that financing will not be the weak link. Brown – A Legacy of Home Lending offers several programs that may help on either side of your move. Ask your advisor about current terms and eligibility.
Seller PreLock Program
A program that helps sellers and their agents offer buyers more certainty on financing. Ask how it can work when you list your current home.
Secure Lock Program
Lock your rate while you shop for your next home, so you can make offers with more confidence.
Temporary buydowns
Lower your payment for the first years of the loan, often funded by seller or builder concessions, which can ease the months right after a move.
Loan Size
Will moving up push me into a jumbo loan?
Only if your loan amount is above the conforming loan limit for the county where you are buying. For 2026, the Federal Housing Finance Agency set the baseline conforming limit for a one-unit home at $832,750 in most U.S. counties, with higher limits in designated high-cost areas. Loans above your county's limit are jumbo loans.
A conforming loan follows the limits and guidelines for loans that Fannie Mae and Freddie Mac can buy. A jumbo loan is a non-conforming loan for higher balances, and lenders set their own requirements, which usually include good credit and a larger down payment. FHFA updates the limits every year, and its high-cost ceiling for one-unit homes in 2026 is $1,249,125.
If you are trading up in DuPage County, Walworth County, or the Metro East, check where your price range falls against your county's limit. Putting more of your sale proceeds toward the down payment can keep your loan amount conforming. Brown – A Legacy of Home Lending offers both conforming and jumbo financing, so your advisor can compare the two paths for your exact price range and confirm your county's current limit.
Selling Your Home
Will I owe tax on the profit from selling my current home?
You may not. Under IRS rules, if you meet the ownership and use tests, you may be able to exclude up to $250,000 of gain on the sale of your main home, or up to $500,000 if you file a joint return with your spouse. Talk with a tax professional about your situation.
According to IRS Tax Topic 701, you generally meet the tests if you owned the home and used it as your residence for at least 24 months out of the 5 years before the sale. You are generally not eligible if you excluded gain on another home sale within the prior two years. There are exceptions, so ask your tax advisor. What your loan advisor needs is a realistic estimate of your net proceeds after payoff and selling costs, because that number drives your next down payment.
Family Timeline
How should a busy family time a move around the school year?
Work backward from the date you want to be in the new home. Many families aim for a summer closing so children can start the school year in the new house. With an accepted contract, most Brown purchase loans close in 30 to 45 days, so meet your advisor and get pre-approved a few months before you hope to move.
01
Plan with your advisor a few months ahead
Estimate your equity and net proceeds, review your budget for the next home, and choose buy first, sell first, or both in the same week.
02
Get pre-approved before you list
Pre-approval is free, carries no obligation, and takes about 12 minutes to start. If you will use a bridge loan or HELOC, set it up now, and check enrollment dates with your new school district.
03
List and shop at the same time
Make offers with your pre-approval letter attached, and work with your agent on any home-sale contingency and on lining up both closing dates.
04
Apply and review your Loan Estimate
Federal rules require the lender to send your Loan Estimate within 3 business days of receiving your application. Plan on 30 to 45 days from accepted contract to closing for most purchase loans.
05
Review your Closing Disclosure and sign
Your Closing Disclosure must arrive at least 3 business days before closing. Compare it with your Loan Estimate, ask questions, book the movers, and plan 45 to 60 minutes at the signing table.
How Brown Helps
What does a hassle-free closing look like with a local Edwardsville lender?
For a busy family, hassle-free means fewer handoffs and no surprises. At Brown – A Legacy of Home Lending in Edwardsville, that looks like one advisor from start to finish, a written Loan Estimate within 3 business days, a Closing Disclosure at least 3 business days before closing, and most purchase loans closing in 30 to 45 days.
Brown is a family-run team: Chris Brown founded it, and three of his children work in it. Here is who you work with and what you can count on.
One advisor, start to finish
The advisor for your region structures your loan, plans both sides of your move with you, and stays with you through closing.
A named team behind your file
Cheryl Chochran, Senior Loan Processor, keeps your file organized for underwriting, and Cinthia Martinez Arellano, Loan Assistant, helps with documents and updates.
Help in Spanish
Cinthia Martinez Arellano is bilingual and supports Spanish-speaking families throughout the loan. Sí, hablamos español. Call 618-323-3508 and ask for Cinthia.
Disclosures on time
Your Loan Estimate arrives within 3 business days of application, and your Closing Disclosure at least 3 business days before closing, so you can compare them without a rush.
A predictable calendar
Most purchase loans close in 30 to 45 days from accepted contract. Plan 45 to 60 minutes for the signing.
Hours that fit family life
Offices are open Monday–Friday, 8:30 AM–5:30 PM. Extended Lending Support is available 7 days a week, 8:00 AM–9:00 PM.
Want to hear it from families who have closed with us? Read client reviews or meet the Brown team.
Three Regions
Which Brown office serves my move?
Brown – A Legacy of Home Lending serves move-up buyers from three offices: Edwardsville for the Metro East and St. Louis area, Oakbrook Terrace for DuPage County and Chicago's western suburbs, and Lake Geneva for Walworth County. Brown is licensed in Illinois, Indiana, Missouri, Wisconsin, and Florida, so moves between states are welcome.
Metro East
Edwardsville, IL
Brycen Brown, VP, Loan Officer · NMLS #2567359
231 N Main St, Suite 20, Edwardsville, IL 62025
Serving Edwardsville, Glen Carbon, Troy, Collinsville, Maryville, Highland, Bethalto, Wood River, Alton, O'Fallon, and Belleville in Madison and St. Clair Counties.
Call 618-323-3508
Western Suburbs
Oakbrook Terrace, IL
Blake Brown, VP, Senior Mortgage Advisor · NMLS #1525629
1801 S Meyers Rd, Ste 500, Oakbrook Terrace, IL 60181
Serving Oakbrook Terrace, Oak Brook, Lombard, Downers Grove, Elmhurst, and Villa Park in DuPage County.
Call 618-323-3508
Walworth County
Lake Geneva, WI
James Bochnovic, VP, Senior Loan Officer · NMLS #1892655
753 Geneva Parkway, Building 2, Suite 4, Lake Geneva, WI 53147
Serving Lake Geneva, Delavan, Elkhorn, Williams Bay, and Fontana in Walworth County.
Call 618-323-3508Choosing a Lender
How should a busy parent compare mortgage lenders for a move-up purchase?
Compare lenders on communication and process, not just rate. Ask who handles your file, how often you will hear from them, and how they plan around selling your current home. Then compare written Loan Estimates for the same loan type on the same day, and read reviews from families who recently closed.
A local team, a bank, a credit union, or an online lender should all be able to answer these questions clearly. You can check any loan officer's license for free on NMLS Consumer Access. For a deeper look at comparing offers, read How Mortgage Rates, Fees & Quotes Work.
Questions to ask any lender
- Who is my point of contact from application to closing?
- How will you keep me updated, and who else works on my file?
- Can you help me plan around selling my current home, including bridge loans, HELOCs, and contingencies?
- When will I receive my written Loan Estimate?
- How long does a typical purchase loan take to close with you?
- Do you offer programs that can strengthen my offer or help my listing?
- Where can I read reviews from recent clients?
FAQ
Move-up buyer questions, answered
Should I sell my house before buying a new one?
It depends on your equity, savings, and timeline. Selling first tells you exactly how much equity you have and avoids two housing payments. Buying first lets your family move once. A Brown advisor can run both scenarios with your real numbers.
Can I buy a new house before selling my current one?
Often, yes, if you qualify with both housing payments or use your equity through a bridge loan or a HELOC on your current home. All options are subject to approval, so talk with your advisor before you list.
What is a bridge loan?
A bridge loan is short-term financing, secured by the home you are selling, that gives you funds to buy your next home before the current one sells. It is generally repaid from the sale. Brown – A Legacy of Home Lending offers Bridge Loans, subject to approval.
Can I use a HELOC on my current home for my next down payment?
It can work, subject to approval. Keep in mind that HELOCs usually have adjustable rates, the payment generally counts in your debt-to-income ratio, and the CFPB notes you are generally required to pay off a HELOC in full when you sell the home.
What is a home-sale contingency?
A home-sale contingency makes your purchase depend on selling your current home, usually within a set time. It protects you from owning two homes, but some sellers see it as less certain. A full pre-approval and a clear plan for your equity can make a contingent offer stronger.
How long does it take to close with Brown?
Most purchase loans close in 30 to 45 days from accepted contract. You receive your Loan Estimate within 3 business days of application and your Closing Disclosure at least 3 business days before closing. Plan 45 to 60 minutes for the signing.
Do I need a jumbo loan for a bigger home?
Only if your loan amount is above the conforming loan limit for your county. For 2026, FHFA set the baseline limit for a one-unit home at $832,750 in most counties, with higher limits in high-cost areas. Your Brown advisor can confirm the limit where you are buying.
Will I pay capital gains tax when I sell my home?
You may not. If you meet the IRS ownership and use tests, you may be able to exclude up to $250,000 of gain, or $500,000 if you file jointly with your spouse. Ask a tax professional how the rules apply to you.
Can I lock my rate before I find my next home?
Brown's Secure Lock Program lets you lock your rate while you shop for a home, so you can make offers with more confidence. Ask your advisor about current terms and eligibility.
Can I get help with my move in Spanish?
Yes. Cinthia Martinez Arellano, Loan Assistant at Brown – A Legacy of Home Lending, is bilingual and supports Spanish-speaking families throughout the loan. Call 618-323-3508 and ask for Cinthia.
Which Brown office serves my area?
Edwardsville serves the Metro East and St. Louis area, Oakbrook Terrace serves DuPage County and Chicago's western suburbs, and Lake Geneva serves Walworth County. Call 618-323-3508 and you will be connected with the right advisor.
Sources
Sources used in this guide
General mortgage and tax facts in this guide were checked against these official sources in November 2026.
- What is a Loan Estimate? · Consumer Financial Protection Bureau
- What is a Closing Disclosure? · Consumer Financial Protection Bureau
- What is the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)? · Consumer Financial Protection Bureau
- What You Should Know About Home Equity Lines of Credit (PDF) · Consumer Financial Protection Bureau
- Selling Guide B3-4.3-14, Bridge/Swing Loans · Fannie Mae
- Selling Guide B3-6-05, Monthly Debt Obligations · Fannie Mae
- FHFA Announces Conforming Loan Limit Values for 2026 · Federal Housing Finance Agency
- Topic No. 701, Sale of Your Home · Internal Revenue Service
Keep Reading
Related mortgage guides
Ready to plan your move up?
Start with a free, no-obligation pre-approval and a conversation about your equity. We will map out buy first, sell first, or both, around your family's calendar.
Office hours: Monday–Friday 8:30 AM–5:30 PM; Saturday & Sunday closed.
Extended Lending Support: 7 days a week, 8:00 AM–9:00 PM.
Brown – A Legacy of Home Lending is a team of Preferred Rate, a Division of American Pacific Mortgage Corporation, NMLS #1850. Licensed in IL, IN, MO, WI, and FL. Equal Housing Opportunity. This information is for educational purposes only and is not a commitment to lend. All loans are subject to credit approval, underwriting, and property eligibility. Rates, terms, and programs are subject to change without notice. Licensing details.