Home Buying in 68826>Question Details

Tara Keenan, Home Buyer in Nebraska

I am moving. Can I use equity in my current home for a down payment on a new home?

Asked by Tara Keenan, Nebraska Sun Jul 31, 2011

Moving from Central City, Nebraska to Madison, Wisconsin.

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Answers

3
The equity in your current home is in your current home. That is where it will stay unless you extract the equity by selling the home or obtaining a loan that will let you leverage the equity that you have.
0 votes Thank Flag Link Mon Aug 1, 2011
You can se the equity once you have it!!
How are you planning to obtain that equity?......Do you have a home equity line of credit? Are you planning to sell the house, and have that cash in hand??

Simply having the equity sitting there will do you no good unless you actually tap into it!
If you haven't sold your current home, or aren't planning to...................then the question is........as Pacita already mentioned.... can you qualify for a new loan if your current home isn't sold.

A mortgage rep is the one to turn to for answers to your specific questions.

Best iwshes.........
0 votes Thank Flag Link Mon Aug 1, 2011
Are you selling your current home in order to pull out the equity?

If you decide to keep your current home, can you qualify to buy another?

Your first move is to speak with your mortgage lender who can provide quidance on what you can and cannot do.

Folks on this forum can only speculate on what your situation is....

Good luck on your move
0 votes Thank Flag Link Sun Jul 31, 2011
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