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Using one property as collateral to buy a second property?
Would it be possible to use a current condominium as collateral to purchase (trade up) to a second condo with the idea of moving from the first one to the second condo?
The reason I ask is because I would like to move to Springfield, IL, but may have to settle for the Champaign-Urbana area if nothing materializes in Springfield over a specific time-frame. If I bought a property in Champaign, I would look to transition to Springfield as soon as a desirable property was available.
Thanks for your time.
Asked By Paul | Springfield, IL | 96 views | Buying | 2 months ago
Answer(1)
Rebecca Gutierrez
Keller Williams Realty-Aiken Partners
I you have enough equity in the current condo, you may be able to get a Home Equity Line of Credit to be able to purchase the other condo.
- 2 months ago
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