Jack M. Guttentag The Mortgage Professor

Yahoo! Finance User - Wednesday, May 16, 2007, 4:56AM ET  Report Abuse

• Overall: 5/5

Selling old one before buying new one only works when the market goes down. When the market goes up, you may not be able to catch up with (I saw many cases in bay area these years), or definitely you pay new one much more than you should, so it is better you buy new one first then sell old one during up market - now bridge loan or home equity line of credit works.

Yahoo! Finance User - Tuesday, May 1, 2007, 10:24PM ET  Report Abuse

• Overall: 5/5

This article was useful because it provided specialized knowledge about a type of loan that is not that common, specifically the Bridge Loan and the way to deal with financial institutions unamenable to the process. Simple advice but potentially fruitful for those in between houses.

Yahoo! Finance User - Tuesday, May 1, 2007, 1:25PM ET  Report Abuse

• Overall: 2/5

What about this? Here is a great way to pay off your mortgage in 1/3rd to 1/2 the time. It's from United First Financial www.u1stfinancial.net/power. Without having to refinance or start a bi-weekly payment plan you can save tens of thousands of dollars in interset and payments on this program. Best of all it wont increase your monthly expenses one bit! I have 28 years left to pay on my mortgage but with this program I'll be paid off in 9.7 years without changing my lifestyle or having to give things up. It's a fantastic program and I recommend you contact them right away. Go to the website and scroll to the bottom and click on the "watch mma video tour" button, a video will begin that shows you the exact details of the program...good luck

Yahoo! Finance User - Thursday, April 26, 2007, 9:25PM ET  Report Abuse

• Overall: 2/5

I agree with the last comment that the first piece of advice should be don't buy a new house until you sell your old one. That being said, the person who wrote the question has already done this. Therefore, my other problem is with the opening comment about exhausting all other lending sources. It's very irresponsible to recommend that one should borrow from family, friends, or their retirement account before "resorting" to a bridge loan. Borrowing from family and friends is never a good idea. The bank is in the business of lending money... your friends and family aren't, and with good reason. It is ALWAYS a bad idea to borrow from your retirement account. When you borrow, the plan manager sells your investments, and buys them back at different prices... could go your way or go against you. You are effectively timing the market, which goes against the advice of 99.9% of all financial experts. What's even worse is that you are using your investments to time the market with no regard for what's going on in the market... your market timing is based entirely on something external (i.e. your need to borrow)... bad, bad idea. You could easily erase 10% of the value of those investments in just a few days by timing the market this way.

Yahoo! Finance User - Wednesday, April 25, 2007, 12:06PM ET  Report Abuse

• Overall: 1/5

Horrible Advice. What happens when the old house doesn't sell and now (s)he has two house payments? (S)he becomes a motivated seller or worse, a landlord by default, both of which means (s)he will loose lots of money. Here is an idea, don't buy a new house until the old one sells, or you can put a contingency in the new house contract.