Article Score0

I want to open a home equity line of credit. I have 100% of my house and an excellent credit rating. I intend to move, but first want to buy another house, and then sell my current home (which is higher than I would like to buy and sell price). If I have the equity to buy a house and use, the bank would allow me to sell my current home and pay at closing? Kind of bridge loan without fees.

2 Thoughts on Can I buy a home equity line of credit to another house?
  1. Reply
    Suba
    June 29, 2013 at 8:08 am

    Sounds like a plan to me, but I don’t know if it’s do-able. Contact a Realtor or mortgage broker for advice.

  2. Reply
    Freedom4
    June 29, 2013 at 8:38 am

    (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.

    Leave a reply

    Register New Account
    Reset Password