Question: Use current home’s equity towards next home purchase?

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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