home selling: Want to Buy Another Home?
- 09/23/09 05:03 AM
Think you might want to buy another home? Do you have substantial equity in your present home? Consider a Home Equity Line of Credit to make the equity in your present home available for a down payment on a new home before you sell the old home. Buying the new home before selling the old home will typically require the purchaser to have enough documented income to cover both payments. Many people with small mortgages have the income to qualify for a larger mortgage without selling first. Your mortgage broker can easily tell you if this would work for you. With … (2 comments)
Think you might want to buy another home? Do you have substantial equity in your present home? Consider a Home Equity Line of Credit to make the equity in your present home available for a down payment on a new home before you sell the old home. Buying the new home before selling the old home will typically require the purchaser to have enough documented income to cover both payments. Many people with small mortgages have the income to qualify for a larger mortgage without selling first. Your mortgage broker can easily tell you if this would work for you.
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