equity in home for new home down payment
We would like to sell our home but know that it would show better if we could move out ... we've found a home we are interesting in buying, the problem is we can't come up with the down payment. Is there such a thing as a loan on the equity of the home we now own, (paid for in full) to use on the down payment on the new home. After selling the home we're in the money would go to paying off the house we buy, in the meantime would we have two loan payments the equity loan and the balance on the home loan ?
Hope I made some sense ?? The new home is right around 200.000.00 same as what our old home is worth.