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Buy before Sell...How to get a downpayment

I am looking to buy a new home for about $375k and would like to put 20% down ($75k) to avoid PMI.  I currently have a house worth about $200k with about $100k in equity.  The problem is that most likely I will buy a new house before I sell the old one.  How can I use the equity in my current house on the new house without actually selling the current one first?

  • December 26 2008 - Madison
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Answers (1)

There are a number of different kinds of bridge financing you can do...where you use the equity in your home as the down payment...shop around with different lenders...rates and programs vary considerably.
  • December 27 2008
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