Can I use my real estate agent?
Yes. We partner with your existing real estate agent or whoever else you need in the mix. We bring a variety of financing solutions that make their job easier — while taking stress out of the process for you at every step. Have your agent give us a call, and we can get you looking for your next home.
What if I don’t have a real estate agent?
You can access Onward products without an agent. What’s more, we can refer you to a great agent in your area through the Onward network. Need a hand? Contact us
So, how does it work?
We eliminate the need to take out a mortgage on your downsized home when you already have equity in your current home eliminating the burden of two mortgage payments by replacing your current mortgage balance with a deferred payment loan. This is the key to making a non-contingent offer! Your mortgage payments on your existing house cease (you are still responsible for taxes and insurance).
You are now qualified to make a non-contingent all-cash offer on your next place!
While you’re moving in, you and your real estate agent are busy prepping and selling your old place. When it sells, the Mortgage for Downsizers loan gets paid off, and you receive your remaining hard-earned equity from the sale.
It’s that simple. Contact us any time to learn more!
What if I don’t have enough equity in my current home to cover my next home?
That’s okay, Onward will help construct a loan that will work for your financial situation potentially leveraging one of our traditional loan products.
What if I don’t sell my home in 12-months?
The Onward program was designed to make your living transition as stress-free as possible. We do our homework up-front to ensure a timely sale. If your home hasn’t sold in 12 months, then there is an unforeseen critical issue with the home. We won’t leave you – we’ll work together to resolve the issue including purchasing the home from you. Talk to one of our experts if this is a concern for you.
What happens after I sell my home?
When it sells, the Mortgage for Downsizers loan gets paid off, and you receive your remaining hard-earned equity from the sale.
How do I qualify for the Onward program?
Fill out our online application, and upload a few required documents.
An Onward advisor will work with you to define your maximum buying power.
If you’re ready to shop, we provide a pre-approval letter right away.
How much does it cost me to use Onward?
Contact Onward Financing for details. Basically, you will need to cover the cost to have us appraise and inspect your existing home to determine the value and potential time on the market. There is an origination fee to cover the cost of converting your existing home loan to a deferred payment loan and a processing fee for executing the new loan. Keep in mind that you’re no longer making mortgage payments! This offsets much of the program costs. Contact us for the details around cost.
DON’T JUST LISTEN TO US…
The scary part was finding a place without having your house sold. I’m still in awe of the individuals that created this product.
Onward helped us get in to our dream home, when no one else could!
I HIGHLY recommend Onward Financing.. They made it stress free. I am grateful and would recommend to anyone!