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Okay, another question to get this thread back on track...
Who has used their HELOCs to secure the purchase of their next home? How are people juggling the buying and selling of their current homes, assuming that your down payment would primarily come from existing equity in your current home? I'm considering our options and it's been recommended to us that we get a new revolving-type mortgage with a HELOC so we can go in with a "clean" offer for our next home (i.e. no subject to sale). However, I'm wondering what would be the difference between a revolving mortgage versus obtaining a HELOC as a second charge behind our existing conventional mortgage?
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