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I'm Moving from Austin to Portland in the near future. Current house is for sale, no mortgage, title is free and clear, all our equity is in the current house. I'd like to buy the new house before the old one in Austin is sold, but I don't have the $60K+ to put down on the new house. I don't need a bridging loan as I do not have a loan on the current property.
How can I finance the new house using equity in the current house as collateral? I've had 2 CMA's and a thorough home inspection as part of the relocation. I can carry a 100% mortgage without a problem for as long as it takes to sell the old place, then I can pay down 70%+ on the mortgage....
Since you have your house listed for sale, you will not be able to do an equity loan. You will have to pull off the market first and leave off the market for at least 30 days.. some lenders require 6 months off the market.
We have a modular we own free and clear. We are relocating to another town a few hours away due to a job promotion. WE have been preapproved for another home, but need cash for a down payment when we find the right home. We have not yet put the modular on the market. Can we use it as collateral to get a loan for the down payment and if so when will we be able to put it on the market?
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