My wife and I are looking to move to another home.
Our current home is paid off and would probably sell for $220,000.
And we have the funds for a down-payment on a new home and would be approved, etc. New home value could be $320,000
I don't see any other way except to purchase the new home first, then sell our existing (too much crap and nowhere to put it).
Also, I'm not gonna do anything more than a 10-year fixed.
So the ideal scenario for us would be to get a 10-year fixed on roughly $60-80k, versus a 10-year fixed on $320K (less down payment) and then just paying down the principle after the sale of the house. I want more cash freed up in the interim.
What types of loan programs are available? Is home equity the way to go?
I'm gonna speak to my bank, but I'm asking here as I begin to research what is out there and surely someone here has been there and done this.
thanks!