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Reply to "Moving up to a bigger house: Is it possible?"
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[quote=Anonymous]We did this by taking a home equity loan on our current property (effectively raising the mortgage amount on our home to about 80%). That money, plus savings, was used to purchase the new home. You pay off both the first and second mortgages when you sell the house…but you're carrying a lot of debt until you do that, which is why it is risky. (We did it in 2005, when the market was shooting up and we were pretty sure we'd sell quickly and for our asking price.) Note the caution others have made about your total potential debt.[/quote]
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