Bridge or Home Equity Loan?

[Blake Bowden]

My wife and I have been looking at houses in the New Braunfels area. Our current home has no mortgage per se, just a $59k balance on a home equity loan. We found the perfect house within our price range, but need to sell our current one.

I like the idea of using the equity in our current home to purchase the new house but in todays market, I would hate to pay two payments and utilities for months if not years. Has anyone done this before? What do you recommend?

 

[Traveling Man]

Here's a suggestion, rent your present house out to cover the equity loan, utilities etc. Having two houses without renting one out is a task I'll never do again!

 

[JTM]

2nd'd. renthouse.

 

[Blake Bowden]

Yeah, I think we're gonna pass on the whole bridge/equity loan.

 

[owls84]

I have no opinion on this issue but when I come down to float the river this year YOU ARE COMING WITH MY FRIEND!!!

 

[JTM]

when is this? i love floating down the river.