sammiemo t1_j6ni9ac wrote
Reply to comment by DRhodes8940 in I'm considering selling my home, renting for a year, then buying my second home in order to avoid some of the stress of trying to sell and buy at the same time. Is this a bad idea? by youAtExample
I had a lot of equity in my old home and borrowed it on a HELOC for a downpayment on this one. It made the transaction a little more complicated because I had to close on the HELOC loan before I could finance the new home.
The whole process took a little over 45 days from having an accepted offer on the new house to closing on the HELOC then the new mortgage. Once my old home sold, which was less than a month later, I closed the HELOC and paid off my first mortgage.
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