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Money and Finances
Reply to "Buying a new house before selling - money options"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We're actually kind of in a similar situation and wanted to post asking about it. When you say that banks won't bat an eye for option 2, the home equity loan, does that include when you're shopping for mortgages for the new home? One of my concerns is taking a loan out on the old house shortly before shopping for one for the new home. ie the hit on your credit, debt to loan ratio, etc. [/quote] The HELOC is on the new home, not the old one.[/quote] I am not sure how you get a HELOC on a house you do not own yet. It sounds like OP needs the equity for the entire downpayment, not just 10%. A different poster made a HELOC part of the financing package (the 80-10-10) but I am not so sure how common that is, in any event that poster had 10% liquid at the time of purchase.[/quote]
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