Does anyone have advice on the best way to use my current home’s equity towards the purchase of my next home?
I’ve read about taking a HELOC out for the approximate value of my current equity as an option (which I would pay back as soon as my current place sells), or have even read about ‘porting’ my remaining mortgage towards my next mortgage.
For reference my current place is worth ~$420K and I owe ~$300K. I’m looking for something in the $700K – $800K range. Including my current equity, I want to put down 30-40% on the next place.
Thanks!
submitted by /u/cscottamos
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Does anyone have advice on the best way to use my current home’s equity towards the purchase of my next home? I’ve read about taking a HELOC out for the approximate value of my current equity as an option (which I would pay back as soon as my current place sells), or have even read about ‘porting’ my remaining mortgage towards my next mortgage. For reference my current place is worth ~$420K and I owe ~$300K. I’m looking for something in the $700K – $800K range. Including my current equity, I want to put down 30-40% on the next place. Thanks! submitted by /u/cscottamos [link] [comments]
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