We have an opportunity to relocate out of state, to an area where housing market is very hot. Realtor pretty much says contingent purchase (contingent on sale of current house) is impossible. We have enough equity in current house to pay cash in new location.
As as I see it, we have 2 options
1) get a HELOC on current house and use fund to pay for new house. Interest rate doesn’t matter since we don’t plan on keeping the house for very long
2) get loan on new house while I still have current house.
Value of current house: 1,400,000
Mortgage pmt: $ 3,945/month
car loan: $ 747/month
90% HELOC will get me $ 445,000
cash in hand: 100,000
house in new state: 500,000
Total income: 216k/year