Consumption and Real Estate
Can I Use A Home Equity Line Of Credit To Purchase Another Home?
Question : Can I Use A Home Equity Line Of Credit To Purchase Another Home?
i want to open a home equity line of credit. i have 100% equity in my house and an excellent credit rating. i am planning on moving, but would like to buy another house first, and then sell my current house (which would sell for a higher price than the one i would buy).
if i use the equity line to buy a house, would the bank permit me to sell my current house and pay them off at the closing? kind of a bridge loan without the fees.
home equity line of credit rates
Best answer:
Answer by Suba
Sounds like a plan to me, but I don’t know if it’s do-able. Contact a Realtor or mortgage broker for advice.
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#5 written by Freedom4 1 year ago
(1) Yes you can use the equity in your home to purchase another home.
(2) The home can not be up for sale if you are going to get an equity loan out on it.
(3) Some banks may not like that reason. You may be better off just telling them you are getting it for emergnecies if they arise, or foor home repair and then using it however you want once you get it.
(4) You are not allowed to use a home equity loan as a bridge loan so do not tell them that is what you are using it as. The only difference though will be the fees as you said.
(5) You can pay off the balance of your home wequity loan at the sale of the home.
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